Clorox Issues Warning on Prices, Net Income
From Bloomberg News
Clorox Co. said soaring energy costs after Hurricane Katrina would hurt profit this fiscal year and force the company to raise prices on almost half its products in January.
Profit from continuing operations will rise to $2.91 to $3.06 a share in the fiscal year ending in June, Oakland-based Clorox said. The company in August forecast $3 to $3.11 a share.
Chief Executive Gerald Johnston said the company would charge more for about 40% of products and cut expenses to contend with higher costs for fuel, raw materials and oil resin used in packaging.
Clorox shares fell 77 cents to $53.81.
