Cost of Raw Materials Cuts Into Clorox Profit
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Clorox Co. said fiscal third-quarter earnings fell 6.3%, hurt by higher costs for raw materials. The company forecast that profit next year will be below some analysts’ estimates, sending the shares down $5.15, or 8%, to $58.53 on the New York Stock Exchange.
Net income fell to $118 million from $126 million a year earlier, Oakland-based Clorox said. Per-share profit climbed to 76 cents from 59 cents after the company bought back more than one-fourth of its shares. Sales rose 3.3% to $1.09 billion.
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