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Earnings Roundup / Clorox

Bleach maker's net declines 7%

February 05, 2009

Consumer product maker Clorox Co. said fiscal second-quarter earnings fell 7% as retailers cut inventory, consumers spent less and a stronger dollar made the company's products more expensive to overseas customers.

Clorox also lowered its fiscal 2009 sales outlook and said it would cut about 170 jobs over the next 18 months. The Oakland company also indicated that recent price increases would stick as it tries to cut costs and boost margins.

The maker of Brita water filters and Glad bags said profit in the three months that ended Dec. 31 fell to $86 million, or 62 cents a share. That topped analysts' average earnings estimate of 57 cents. A year earlier, Clorox earned $92 million, or 65 cents a share.

Revenue rose nearly 3% to $1.22 billion. Analysts polled by Thomson Reuters, on average, had expected a profit of $1.24 billion.

Shares rose 88 cents to $52.70.

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