Clorox Tightens 2008 Forecast, Meets Estimates

Clorox tightened its forecast for the fiscal year and said it expects fourth-quarter sales growth of 10 percent to 11 percent, helped by growth from its new Burt's Bees business.

The Oakland, Calif.-based seller of Clorox bleach said it now expects fiscal 2008 earnings in the range of $3.22 per share to $3.25 per share, compared with its previously issued forecast for earnings of $3.20 per share to $3.28 per share.

Analysts, on average, were looking for 2008 EPS of $3.22 for the company's fiscal year ended June 30, according to Reuters Estimates.

Clorox said it now sees fourth-quarter sales growth in the range of 10 percent to 11 percent, including approximately 3 percentage points of growth from last year's Burt's Bees acquisition.

Fourth-quarter earnings are expected to be in the range of $1.10 per share to $1.13 per share, the company said in a statement.

Clorox gained about 1 percent in after-hours trading.