Clorox (NYSE: CLX) reported Q1 EPS of $1.21, $0.18 better than the analyst estimate of $1.03. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.7 billion.

Fiscal Year 2022 Outlook:

• The company is confirming its fiscal year 2022 outlook, with the following elements:
• Net sales decline of 2% to 6% (organic sales decline of 2% to 6%)
• Reflects high single-digit sales decline in the first half primarily due to comparisons to 27% sales growth in the first half of fiscal year 2021 and the company's continued expectation for moderating consumer demand.
• In the second half of the fiscal year, the company continues to expect sales to return to the lower end of its long-term sales growth target of 3% to 5%.
• Gross margin decline of 300 to 400 basis points, primarily due to higher commodity costs and manufacturing and logistics costs, with the assumption of a return to gross margin expansion in the fourth quarter.
• Advertising and sales promotion spending at about 10% of net sales, reflecting the company's ongoing commitment to invest behind its brands.
• Selling & administrative expenses at about 15% of net sales, reflecting about 1 point of impact from the company's strategic investments in digital capabilities and productivity enhancements.
• Effective tax rate between 22% and 23%, with the year-over-year increase primarily reflecting the lapping of several one-time benefits in the prior fiscal year.
• Diluted EPS between $5.05 and $5.35, or a decrease between 9% and 4%, respectively.
• Adjusted EPS between $5.40 and $5.70, or a decrease between 26% and 21% respectively. The company's adjusted EPS outlook excludes the long-term strategic investment in digital capabilities and productivity enhancements to provide greater visibility into the underlying

For earnings history and earnings-related data on Clorox (CLX) click here.