OAKLAND, Calif., March 19, 2003 – The Clorox Company (NYSE: CLX) (PSE:
CLX) today confirmed its earnings outlook of 49-52 cents per diluted
share for its fiscal third quarter ending March 31, 2003, and
$2.21-$2.27 per diluted share for its fiscal year ending June
30, 2003. Clorox also indicated that it continues to expect third-quarter
volume, including a 2 percent negative impact from divestitures,
to be about equal to or slightly below the year-ago quarter.
Third-quarter and fiscal-year earnings per share estimates include the effect
of estimated increases in energy-related raw-material costs offset
by a variety of factors, including cost-savings initiatives. While
raw-material costs are expected to increase somewhat, the company
has programs in place to help mitigate raw material price fluctuations.
Clorox has long-term contracts in place for the bulk of its purchases
of major raw materials and it expects its suppliers to honor those
agreements.
Third-Quarter Conference Call
On May 8, 2003, Clorox will host a live audio webcast of its discussion
with the investment community regarding the company's results
in the fiscal third quarter. The company will release its third-quarter
results earlier that same day. The webcast, which can be accessed
at www.thecloroxcompany.com/investors,
will begin at 10:30 a.m. PST (1:30 p.m. EST). Following the live
discussion, a replay of the webcast will be archived for one week
on the company's Web site.
The Clorox Company
The Clorox Company is a leading manufacturer and marketer of consumer
products with fiscal year 2002 revenues of $4.0 billion. Clorox
markets some of consumers' most trusted and recognized brand names,
including its namesake bleach and cleaning products, Armor All®
and STP® auto care products, Fresh Step® and Scoop Away®
cat litters, Kingsford® charcoal briquets, Hidden Valley®
and K C Masterpiece® dressings and sauces, and Glad® bags,
wraps and containers. With 9,500 employees worldwide, the company
manufactures products in 25 countries and markets them in more
than 100 countries. Founded in 1980, The Clorox Company Foundation
has awarded grants totaling more than $51 million to nonprofit
organizations, schools and colleges; and in fiscal 2002 made product
donations valued at nearly $5 million. For more information about
Clorox, visit the company's Web site at www.thecloroxcompany.com.
Except for historical information, matters discussed above, including
statements about future volume, sales and earnings growth, profitability,
costs, cost savings or expectations, are forward-looking statements
based on management's estimates, assumptions and projections.
Important factors that could cause results to differ materially
from management's expectations are described in "Forward-Looking
Statements and Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operation"
in the company's SEC Form 10-K for the year ended June 30, 2002,
as updated from time to time in the company's SEC filings. Those
factors include, but are not limited to, general economic and
marketplace conditions and events; the company's costs, including
the impact of world events on raw material costs and/or supply
disruption; risks inherent in litigation and international operations;
the success of new products; the company's ability to manage and
obtain the benefits of joint venture activities; the success of
information systems design and implementation; integration of
acquisitions; and environmental, regulatory and intellectual property
matters.