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Clorox 3Q Net Falls As It Deals With Higher Costs

OAKLAND (CBS/AP) – Clorox Co.’s third-quarter net income fell more than 8 percent as it wrestled with higher costs and a fall-off in some of its well-known brands.

The Oakland-based maker of bleach, Glad bags and Hidden Valley salad dressing trimmed the top end of its earnings outlook.

The Oakland-based consumer-goods giant said that revenue rose 1.3 percent over the same quarter a year earlier, an improvement from the 3 percent decrease it saw in the previous two quarters.

Net income fell to $141 million, or $1.09 per share, from $165 million, or $1.16 per share.

Excluding one-time items, earnings per share were $1.03, missing analysts’ expectations of $1.04. Revenue was $1.3 billion. Analysts expected $1.32 billion.

Clorox faces rising costs for raw materials. It says it has raised prices.

(Copyright 2011 by CBSSan Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

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