Clorox 3Q Net Falls As It Deals With Higher Costs
OAKLAND (CBS/AP) - Clorox Co.'s third-quarter net income fell more than 8 percent as it wrestled with higher costs and a fall-off in some of its well-known brands.
The Oakland-based maker of bleach, Glad bags and Hidden Valley salad dressing trimmed the top end of its earnings outlook.
The Oakland-based consumer-goods giant said that revenue rose 1.3 percent over the same quarter a year earlier, an improvement from the 3 percent decrease it saw in the previous two quarters.
Net income fell to $141 million, or $1.09 per share, from $165 million, or $1.16 per share.
Excluding one-time items, earnings per share were $1.03, missing analysts' expectations of $1.04. Revenue was $1.3 billion. Analysts expected $1.32 billion.
Clorox faces rising costs for raw materials. It says it has raised prices.
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