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February 11, 2003
By: TOM BRANNA
Editor
Household products maker Clorox Co. on Tuesday said quarterly profit rose a better-than-expected 75% as cost-cutting and sales growth in North America helped offset declines in Latin America. The Oakland, CA-based maker of Clorox bleach, Armor All auto care products and Glad plastic bags raised its fiscal 2003 earnings outlook, citing the strong performance in the first half of the period.Clorox posted profit of $89 million, or $0.40 a share, in the fiscal second quarter ended Dec. 31, compared with $51 million, or $0.22 a share, a year earlier. Excluding discontinued operations, profit was $0.39 a share, beating the average analyst estimate of $0.35 a share posted by research firm Thomson First Call.Clorox took a charge of $30 million, or $0.11 a share, in the quarter for a reduction in the value of its assets in Argentina, which was factored into most analysts estimates. In the year-ago quarter, the company had net charges of $0.17 a share, primarily related to goodwill impairment charges for its Latin America business, costs to close a manufacturing facility, and work force reductions.Net sales rose 4% to $926 million. Volume, which excludes currency and price fluctuations, was up 1% for the quarter, including divestitures. For the full fiscal year, Clorox forecast earnings per share in the range of $2.21 to $2.27, above analysts’ average estimate to $2.18, according to First Call.It pegged third-quarter earnings in the range of $0.49 to $0.52 per share, and fourth quarter earnings of $0.67 to $0.70 per share. That compares with First Call estimates of $0.49 for the third quarter and $0.69 for the fourth.For the second quarter, gross margin increased by 340 basis points to 46.5%, contributing to a 13% increase in operating profit. For the third quarter, Clorox forecast volumes would be equal to or slightly below the year-ago levels, with sales lagging volume because of promotional costs. For the fourth quarter, Clorox estimated sales and volume growth would reach the low to mid-single digits.
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