Clorox Cleans Up in Quarter, Beats Street

Clorox posts a 53% jump in earnings as lower commodity costs and cost savings helped offset weakness from a stronger dollar.
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Clorox

(CLX) - Get Report

cleaned up in the third quarter, posting a 53% jump in earnings as lower commodity costs and cost savings helped offset weakness from a stronger dollar.

During the quarter, the maker of Clorox bleach and Glad bags earned $153 million, or $1.08 a share, compared with $100 million, or 71 cents, a year earlier. Analysts expected the company to earn 90 cents per share.

Sales remained steady at $1.35 billion.

Clorox said sales of Hidden Valley salad dressing increased in North America as consumers ate more meals at home.

Management expects to earn $3.70 to $3.80 a share this year, up from its previous forecast of $3.60 to $3.75 per share.

But the company predicted 2010 earnings of $4.00 to $4.15, below analysts' average forecast of $4.21.

Earlier this week, rivals

Colgate-Palmolive

(CL) - Get Report

posted better-than-expected earnings, lifted by a hike in prices and cost-cutting initiatives.

Procter and Gamble

(PG) - Get Report

said profit fell 4% due to consumers trading down to less expensive products.

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