Clorox Cleans Up and Then Some in Q1
Clorox reported better than expected first-quarter financial results before the opening bell on Monday.
When Clorox Co. (NYSE: CLX | CLX Price Prediction) reported its first-quarter financial results before the opening bell on Monday, the firm said that it had $3.22 in earnings per share (EPS) and $1.92 billion in revenue, while consensus estimates that called for $2.32 in EPS on $1.75 billion in revenue. The same period of last year reportedly had $1.59 in EPS and $1.51 billion in revenue.
During the most recent quarter, sales increased 27% year over year, driven by double-digit growth in eight of 10 business units due to COVID-19 and people spending more time at home. Also, EPS results reflect higher sales and gross margin expansion.
In terms of its segments, the company reported:
- Health and Wellness revenues increased 28% year over year to $813 million.
- Household revenue increased by 39% to $500 million.
- Lifestyle revenue grew 17% to $318 million.
- International revenue increased by 18% to $285 million.
Net cash provided by operations was $383 million, compared to $271 million in the year-ago period. On the books, Clorox cash and cash equivalents totaled $860 million, up from $150 million at the end of the same period last year.
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Looking ahead to the 2021 fiscal full year, Clorox expects to see EPS in the range of $7.70 to $7.95 and sales growth of 5% to 9%. Consensus estimates are calling for $7.69 in EPS and $6.93 billion in revenue for the year.
Clorox stock traded up 5% at $218.23 on Monday, in a 52-week range of $144.31 to $239.87. The consensus price target is $223.23.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
