Benefit Boosts Clorox Third-Quarter Profit
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Clorox Co., the No. 1 U.S. household-bleach maker, said tax benefits in the third quarter boosted net income by 9 cents a share.
The increase stems from a $228-million tax settlement and a plan to repatriate $200 million in foreign earnings, company spokesman Dan Staublin said. Clorox, based in Oakland, said March 16 that net income would rise to 65 cents to 71 cents a share for the third quarter ended March 31.
The settlement with the Internal Revenue Service related to an investment fund and will be paid partly from tax reserves. The return of foreign profits to the U.S. is 85% tax-free under a one-time tax holiday signed into law last year, Clorox said in a statement.
The company paid $78 million of additional taxes last month as part of the IRS accord, which related to a limited partnership in a fund that invests in developed-market currencies. The tax matter was resolved faster than anticipated, Clorox said.
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