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Update: Clorox Raises 2015 Outlook, But Shares Are Still Expensive

In early February 2015, Clorox (NYSE:CLX) announced second-quarter fiscal 2015 earnings of 97 cents per share from continuing operations. The company's earnings increase was driven by improved sales and volumes, cost savings, price increases and lower selling and administrative expenses. Such earnings increase was partially offset by adverse exchange rates, increased manufacturing and logistics expenses, investments in strengthening product demand and increased commodity costs.
 Net sales increased about 3 percent from the year-ago quarter to $1.345 billion.
 CLX's sales benefited from double-digit revenue growth in their professional products, natural personal care and bags and wraps businesses.
 Revenue for CLX's cleaning division increased 3 percent to $447 million; their lifestyle division increased 4 percent to $246 million; and their international business division decreased 2 percent to $281 million. CLX raised its sales guidance for fiscal 2015, anticipating about a 1 percent increase compared with flat sales projected earlier. The company raised its fiscal 2015 earnings forecast to $4.40 to $4.55 per share compared with $4.35 to $4.50 per share expected earlier. CLX shares rose almost 2 percent on the earnings…