Clorox Co. cut its earnings forecast for the current fiscal year due to rising energy-related costs driven by recent hurricanes. The Oakland-based maker of bleach and other household products also plans price increases on about 40% of its products.
Clorox lowered forecast for earnings from continuing operations for the fiscal year that ends in June to between $2.91 and $3.06 a share. It had earlier expected earnings of $3 to $3.11 a share.
However, Clorox raised its forecast for the fiscal first quarter ended Sept. 30. It now expects to report income of 68-to 72 cents a share from continuing operations. It previously expected earnings of 65-72 cents a share. The company said it cut the forecast due to higher commodity costs.