Cleaning & Restoration Breaking News

Clorox Reports Lower Profits

March 14, 2001
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Oakland, Calif. (Reuters) -- Clorox Co. said it expects lower fiscal third-quarter and full-year earnings, due in part to higher energy and raw material costs, and other product line weaknesses.

Clorox said it expects full-year earnings, before unusual items, of $1.60 to $1.63 per share, down from $1.75 a year ago. Analysts' consensus estimate is $1.72, according to First Call/Thomson Financial. For the third quarter, ending March 31, it expects earnings, before unusual items, of $.44 per share, down from $.48 a year ago but in line with Wall Street forecasts.

The revised projections reflect weaker volumes for several businesses, including the bleach business in several Latin America countries, where Clorox is experiencing more competition from lower-priced competitors. The estimates also reflect higher energy and raw material costs.

The company said it plans to lower prices on several of its brands to strengthen its competitive position.

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