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Thursday, June 11, 2009
Clorox increases dividend 9 percent, Confirms FY10 Outlook
Clorox Co., (CLX-Quote)the maker of bleach and other household products, said Thursday that it boosted its dividend 9 percent to 50 cents per share and is on track to deliver financial results for fiscal 2010 in line with previous guidance.
The dividend will be paid Aug. 14 to shareholders of record July 27. Previously, the dividend was 46 cents.
The Oakland, Calif.-based company said it still expects to earn $4 to $4.15 per share on sales growth of 1 to 2 percent for fiscal 2010. Analysts predict Clorox will earn $4.16 per share. The sales growth range includes an estimated negative impact of 2 percentage points from declining foreign currencies.
In addition to its namesake bleach, Clorox makes a variety of consumer products from Glad trash bags to Hidden Valley salad dressing and Burt's Bees beauty products.
In its most recent quarter ending in March, the company's profit rose 53 percent as lower commodity costs and cost cuts helped offset weakness from a stronger dollar. Sales remained flat because of the dollar's strength.
U.S. companies that do business overseas are hurt when the dollar grows in strength since sales revenue is translated from local currencies into dollars, effectively shrinking profits.
Shares of Clorox rose 73 cents to $54.22 in premarket trading.
Disclosure I am long CLX shares.
at 8:31 AM