Clorox Quarterly Profit Sinks; Beats Earnings Estimates
OAKLAND (CBS/AP) -- Clorox Co.'s net income plummeted nearly 40 percent in the fiscal first quarter, largely because last year's period included the benefit of selling a unit.
Net income fell to $130 million from $216 million last year, when Oakland-based Clorox sold its auto care business. After stripping out those one-time items, per-share earnings were $1.01, beating the 94 cents predicted by analysts polled by FactSet.
Revenue rose 3 percent to $1.31 billion, topping the $1.30 billion analysts predicted. Higher prices helped Clorox offset the higher costs it is paying for raw materials, though it acknowledged it had lost some sales to the higher prices.
Clorox said it also spent about $12 million in advisory fees fighting off a takeover attempt from activist investor Carl Icahn, who eventually withdrew his board nominees.
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