Clorox Says Earnings Will Miss Estimates
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Consumer products stocks were one of the few bright spots in Thursday’s stock market. Then Clorox Co. dropped a bomb after regular trading ended.
Oakland-based Clorox said fiscal second-quarter profit will fall from year-ago levels as sales drop. It also warned that earnings for the full fiscal year will be flat with last year.
The bleach company, which also makes Glad bags, Kingsford charcoal and other products, said earnings for the quarter ending Dec. 31 will be about 3 cents a share lower than last year’s 33 cents. Clorox was expected to earn about 38 cents a share.
The company wasn’t more specific about its problems, but it scheduled a conference call for today to discuss its outlook.
“This is a significant miss,” said Jane Couperus, analyst with L. Roy Papp & Associates.
The stock (ticker: CLX) slid $3.50 to $34 ahead of the announcement, on rumors bad news was coming.
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