Higher prices boost profit at Clorox
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Clorox Co., the maker of Brita water filters and Glad trash bags, said its fiscal first-quarter profit increased 2.8% after the Oakland-based company raised prices in response to higher commodity costs.
Net income climbed to $112 million, or 73 cents a share, from $109 million, or 71 cents, a year earlier. Revenue rose 5.2% to $1.16 billion.
Clorox has increased prices on a variety of items including trash bags and charcoal to compensate for higher oil and resin costs.
Donald Knauss, Coca-Cola Co.’s North American head who took over last month as chief executive, will continue raising prices on some products including Kingsford charcoal.
Clorox said profit for the year ending in June 2007 would come in at the low end of its previous forecast of $3.20 to $3.30 a share because of higher technology costs.
The company reiterated sales growth of 3% to 5%.
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