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Last Update: 04-Feb-13 10:45 ET
Clorox shares trade higher following beat on earnings and raising guidance
Clorox (CLX $80.13 +0.97) reports Q2 (Dec) earnings of $0.90 per share, excluding a non-recurring $0.03 gain, $0.10 better than the Capital IQ Consensus Estimate of $0.80; revenues rose 8.5% year/year to $1.32 bln vs the $1.27 bln consensus. Co raised EPS guidance for FY13, sees EPS of $4.25-4.35 vs. $4.32 Capital IQ Consensus Estimate, up from $4.20-4.35. Volume for Q2 of FY13 increased 5 percent.
Sales grew 9 percent, with increases in all four of the company's reportable segments. The difference between sales and volume growth was mostly due to the benefit of price increases. Sales benefited from an extra shipping day in the quarter and acquisitions made in the last fiscal year, each contributing about 1.5 percentage points of growth. Excluding these items, sales grew about 5 percent. Sales also benefited from shipments to reset retail shelves with the new concentrated bleach product, as well as shipments of disinfecting products due to cold- and flu-related early third-quarter merchandising events.
Sales grew 9 percent, with increases in all four of the company's reportable segments. The difference between sales and volume growth was mostly due to the benefit of price increases. Sales benefited from an extra shipping day in the quarter and acquisitions made in the last fiscal year, each contributing about 1.5 percentage points of growth. Excluding these items, sales grew about 5 percent. Sales also benefited from shipments to reset retail shelves with the new concentrated bleach product, as well as shipments of disinfecting products due to cold- and flu-related early third-quarter merchandising events.
