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Profit climbs 15% on price hikes

November 01, 2008|Times Wire Services

Clorox Co. said Friday that its fiscal first-quarter profit rose 15% as consumers continued to buy its brand-name products even as it raised prices and financial uncertainty spread.

The price increases helped offset higher commodity and energy costs, with executives saying about 50% of the jump in commodity costs had been recovered.

The Oakland-based maker of Brita water filters, Glad bags and Kingsford charcoal also confirmed its 2009 profit outlook.

Clorox's profit increased to $128 million, or 91 cents a share, in the quarter ended Sept. 30. That compares with $111 million, or 76 cents, a year earlier.

The company said the results included charges of $6 million for restructuring and $3 million related to its Burt's Bees acquisition in December. Excluding those one-time items, the company earned 95 cents a share, topping analyst estimates.

Analysts polled by Thomson Reuters had projected earnings per share of 84 cents. Analyst estimates typically exclude one-time items.

Revenue climbed 12% to $1.38 billion. Analysts had expected revenue of $1.35 billion.

Shares of Clorox added $1.60, or 2.7%, to close at $60.81.

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