Clorox Co. (CLX:US), maker of Hidden Valley salad dressing and Kingsford Charcoal, fell the most in seven months after forecasting 2013 profit that was less than analysts’ estimates.
Clorox declined 3.2 percent to $67.80 at the close in New York, the biggest drop since Sept. 26. The company said today it expects adjusted profit next year to be $4.20 to $4.35 a share. Analysts surveyed by Bloomberg estimated $4.42.
Higher administrative and commodity costs will pinch profit next year, along with “uncertainty” in some international markets, the Oakland, California-based company said. Clorox said it expects earnings before interest and taxes to be the same percentage of sales as last year.
Clorox reaffirmed its 2012 profit forecast of as much as $4.10 a share and reported third-quarter profit from continuing operations fell to $134 million, or $1.02 a share. Costs for raw materials hurt profit, Clorox said.
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