SAN FRANCISCO (MarketWatch) – Clorox Corp. on Thursday reported its quarterly net income fell 22% from a year ago, undercut by rising raw material costs and restructuring charges.
But its shares jumped 9.9% to close at $58.24 as the household products maker earned more than Wall Street had expected, excluding charges.
Also, Clorox boosted its full-year sales growth target and said its acquisition of Burt’s Bees won’t hurt its earnings as much as projected.
Clorox said fiscal third-quarter net income was $100 million, or 71 cents a share, compared with net income of $129 million, or 84 cents a share, in last year’s same period.
Excluding charges related to exiting the private-label food bags business, its purchases of Burt’s Bees and factory closures, Clorox (CLX:The Clorox Company
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May 1, 2008
Clorox profit slides 22%, forecast boosts shares
Filed under: Clorox, profit, shares — Tags: boosts, Clorox, forecast, profit, shares, slides — webinauto @ 11:23 pm
