OAKLAND, Calif. -The Clorox Co. reported Friday that its fiscal second-quarter net income grew fivefold as higher prices and new products lifted revenue and the company didn't have as many one-time charges as it did a year ago.
The growth in the last six months of 2011 and two recent acquisitions led the maker of Glad trash bags, Clorox bleach and other household items to lift its revenue forecast for its fiscal year, which ends in June.
The company said that the tough economy remains a challenge as consumers have cut back on spending. Its total sales volume was flat for the period, in part because price increases for some products hurt demand. Its margins — how much revenue a company keeps after accounting for costs — fell as it coped with higher commodity, manufacturing and logistics costs to get its goods to market.
Clorox posted net income of $105 million, or 79 cents per share, for the quarter that ended Dec. 31. That's up from $21 million, or 15 cents per share, in the same period in 2010.
Excluding the year-ago charge for adjusting the value of its Burt's Bees brand, restructuring charges in both periods and other items, the company said it earned 82 cents per share in its most recent quarter, up from 79 cents per share the year before. That topped the expectations of analysts, who predicted profit of 69 cents per share, according to FactSet.
Revenue increased 4 percent to $1.22 billion. Analysts expected $1.2 billion.
The company said it expects revenue to grow 2 to 4 percent this year from a prior prediction of 1 to 3 percent growth. That suggests revenue of roughly $5.34 billion to $5.44 billion. Analysts were forecasting revenue of $5.35 billion.
Clorox said it still expects to earn $4 to $4.10 per share for the full year. Analysts expect $4.09 per share.
Shares of Clorox, based in Oakland, Calif., rose 92 cents, or 1.3 percent, to $69.65 in afternoon trading.
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