Clorox posts 1Q net income jump on auto unit sale
Tuesday, November 2, 2010
OAKLAND, Calif. (AP) — Clorox says its first-quarter net income jumped 37.6 percent on a gain from the sale of its auto-care business. But revenue slipped because of shoppers are still shying away from purchases.
The company cut its outlook on the uncertain economy and the impact of its auto sale. Shares fell sharply in premarket trading.
Clorox said Tuesday it earned $216 million, or $1.52 per share, in the three months ending Sept. 30. Last year it earned $157 million, or $1.11 per share.
Excluding gains related to the auto-care sale, Clorox earned 98 cents per share.
Revenue slipped 2.8 percent to $1.27 billion.
Analysts expected earnings of $1.14 per share on revenue of $1.38 billion.
Clorox Corp. makes cleaning products, Hidden Valley Ranch salad dressing, and Kingsford charcoal.