Clorox (CLX) Issues Strong Q2 Results as Household Profits Rise 36%
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Price: $143.55 +0.24%
EPS Growth %: -9.9%
Financial Fact:
Research and development costs: 31M
Today's EPS Names:
MAXN, CSTR, ACU, More
EPS Growth %: -9.9%
Financial Fact:
Research and development costs: 31M
Today's EPS Names:
MAXN, CSTR, ACU, More
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Clorox (NYSE: CLX) shares are trading slightly higher Friday morning following better-than-expected second-quarter earnings and sales and raised FY12 guidance.
Net sales for the quarter rose 3.5 percent from $1.179 billion in last year's second quarter to $1.221 billion. A consensus of analyst estimates was looking for Clorox to report sales of $1.2 billion.
Net earnings rocketed from $21 million in the year-ago quarter to $105 million. On a per-share basis, earnings totaled 79 cents, up more than 420 percent from the 15 cents posted a year ago. Adjusting for a 3 cent restructuring charge leads to earnings of 82 cents per share. Analysts were anticipating earnings of 68 cents.
"We delivered strong second-quarter results," said Chairman and Chief Executive Officer Don Knauss. "We grew sales for the fourth consecutive quarter. Our U.S. categories continue to recover, and our market share remains healthy. While the economic climate remains challenging, our strategies are working and our people are executing well. I feel good about our plans for the remainder of the fiscal year."
Within the Cleaning segment, Clorox said volume was flat, sales were up 5 percent and pretax earnings were up 22 percent. The Household unit saw volume rise 1 percent while sales and pretax earnings were up 4 percent and 36 percent, respectively. The Lifestyle segment, which includes Dressings and Sauces, Water Filtration, Global Natural Personal Care, reported volume grew 2 percent and sales and earnings were both up 6 percent.
Clorox boosted its FY12 sales growth outlook from 1-3 percent to 2-4 percent.
Net sales for the quarter rose 3.5 percent from $1.179 billion in last year's second quarter to $1.221 billion. A consensus of analyst estimates was looking for Clorox to report sales of $1.2 billion.
Net earnings rocketed from $21 million in the year-ago quarter to $105 million. On a per-share basis, earnings totaled 79 cents, up more than 420 percent from the 15 cents posted a year ago. Adjusting for a 3 cent restructuring charge leads to earnings of 82 cents per share. Analysts were anticipating earnings of 68 cents.
"We delivered strong second-quarter results," said Chairman and Chief Executive Officer Don Knauss. "We grew sales for the fourth consecutive quarter. Our U.S. categories continue to recover, and our market share remains healthy. While the economic climate remains challenging, our strategies are working and our people are executing well. I feel good about our plans for the remainder of the fiscal year."
Within the Cleaning segment, Clorox said volume was flat, sales were up 5 percent and pretax earnings were up 22 percent. The Household unit saw volume rise 1 percent while sales and pretax earnings were up 4 percent and 36 percent, respectively. The Lifestyle segment, which includes Dressings and Sauces, Water Filtration, Global Natural Personal Care, reported volume grew 2 percent and sales and earnings were both up 6 percent.
Clorox boosted its FY12 sales growth outlook from 1-3 percent to 2-4 percent.
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