fell sharply this morning, a day after the household products maker warned of lower second-quarter and full-year earnings and sales.
The company's shares recently tumbled $4.25, or 12.5%, to $29.75 in trading on the
On Thursday, the Oakland, Calif., company said second-quarter earnings would come in 3 cents a share below year-ago earnings of 33 cents. According to
First Call/Thomson Financial
, 13 analysts expected second-quarter earnings of 38 cents a share. For fiscal 2001, the company expects earnings to be flat with the year-ago period. Analysts are calling for 2001 earnings of $1.95 a share, compared with $1.94 a share in 2000.
Clorox also said it sees second-quarter sales declining in the mid-single digits, with volume down in the low-single digits. The company also forecast full-year 2001 sales growth in the "low single-digit range." The company is expecting potential write-offs and other charges of $150 million to $200 million in calendar year 2001 as it pursues projects to enhance margins and asset utilization.