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Clorox Cleans Up in Quarterly Report

July 31, 1998|Bloomberg News

Shares of Clorox Co., maker of bleach and cleansers such as Formula 409, got a boost as gains in Latin America and lower costs pushed fiscal fourth-quarter earnings well above analysts' forecasts. Net income at the seventh-largest U.S. maker of consumer products rose 31% to $98.2 million, or 93 cents a diluted share. It was expected to earn 81 cents, the average estimate of analysts polled by First Call Corp., for the quarter ended June 30. The Oakland-based company is reaping the rewards of its four-year push into faster-growing markets overseas, particularly Latin America. International sales account for 18% of revenue, up from 16% last year. Clorox shares surged $8.50 to close at $103.25 on the NYSE.

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