Analysts on average forecast earnings of 30 cents a share, according to market research firm First Call/Thomson Financial, though the average estimate was 38 cents a share before the company issued a profit warning in December.
At that time, the company also said it would take $150 million to $200 million in one-time charges in calendar year 2001 as a result of actions to enhance margins and asset utilization. Clorox said it would streamline manufacturing in order to cope with strains from its $2 billion acquisition of First Brands and slowing markets.
In the second quarter, unit volume dropped 2 percent, while sales fell 6 percent to $899 million. The drop in sales came as customers shifted away from higher priced products, while the company also took higher reserves to cover products it could not sell. In December, the company said it would write down inventory for a home dry-cleaning product and a premium Black Flag insect spray that had not sold as well as planned.
Foreign currency weakness also cut into sales. About 17 percent of the company's sales came from outside the United States.
Weakness in Brita water filtration, Glad plastic bags, Kingsford charcoal and cat litter all dragged down sales. BACK TO TOP
Philip Morris Misses Expectations
Tobacco and food giant Philip Morris said today its fourth quarter profits missed Wall Street expectations by a penny.
New York-based Philip Morris, the world's largest tobacco company with the top-selling Marlboro cigarette brand, said it earned 87 cents per share, up from 77 cents a year earlier.
Analysts on average expected the company, which also operates Kraft Foods Inc. and the Miller Brewing Co., to earn 88 cents per share, according to First Call/Thomson Financial, which tracks such data.