Clorox (CLX) Tops Q1 EPS by 73c, Cuts Guidance

Clorox (NYSE: CLX) reported Q1 EPS of $0.49, $0.73 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.31 billion.

GUIDANCE:

Clorox sees FY2024 EPS of $4.30-$4.80, versus the consensus of $4.59.

• Net sales are now expected to be down mid- to high single digits, updated to reflect the impact from the cyberattack. This compares to the previous expectation of sales that are flat to up 2%. This continues to reflect about 2 points of unfavorable impact from foreign exchange rates.

• Net of these factors, fiscal year diluted EPS is now expected to be between $2.10 and $2.60, or an increase of 75% to 117%, respectively. This compares to previous expectations between $4.65 and $4.95, or an increase of 290% to 316%, respectively. Adjusted EPS is now expected to be between $4.30 and $4.80, or a decrease of 16% to 6%. This compares to previous expectations of between $5.60 and $5.90, or an increase of 10% to 16%, respectively. Adjusted EPS excludes the long-term strategic investments in digital capabilities and productivity enhancements, which continue to be estimated at about 70 cents; a 25-cent charge related to the streamlined operating model; and incremental charges resulting from the cyberattack of about 25 cents. It also excludes a noncash charge of about $1.00 related to termination of the company's domestic qualified pension plan.

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

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