Clorox 3Q profit falls 23 percent on costs, charges

OAKLAND, Calif.—Household products maker Clorox Co. said Thursday its third-quarter profit dropped 23 percent due to higher commodity costs and charges from restructuring and the acquisition of Burt's Bees.

For the quarter ended March 31, net income fell to $100 million, or 71 cents per share, from $129 million, or 84 cents per share in the prior-year quarter.

Excluding restructuring and acqusition-related charges, the company said it earned 84 cents per share.

Analysts polled by Thomson Financial expected profit of 75 cents per share.

The company said it was hurt by higher commodity costs, but that price increases helped offset the costs.

Revenue rose 9 percent to $1.35 billion from $1.24 billion in the third quarter of 2007. Analysts predicted revenue of $1.32 billion.

Sales in North America rose 8 percent while international sales jumped 14 percent in the quarter.

The company's sales were helped by the acquisition of Burt's Bees, which makes lip balm and other personal care products.

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