Clorox Q1 Profit Beats Estimates

reported upbeat earnings for its fiscal first quarter on Monday. The Oakland, California-based company posted quarterly net earnings of $172 million, or $1.31 per share, compared to $90 million, or $0.68 per share, in the year-ago period. Its earnings from continuing operations climbed to $1.32 per share from $1.10 per share. Its revenue rose to $1.39 billion from $1.35 billion. However, analysts were projecting earnings of $1.18 per share on revenue of $1.38 billion. The company's sales at cleaning segment climbed 6 percent year-over-year in the quarter, while sales in its household segment gained 5 percent. Sales in its lifestyle segment surged 7 percent in the quarter, while sales in international segment dipped 8 percent. Its gross margin expanded 220 basis points to 45 percent from 42.8 percent. Net cash provided by continuing operations shrank to $135 million, from $234 million. During the first quarter, Clorox repurchased around 1 million shares of its common stock at a cost of around $112 million. "Our strategy continues to drive profitable growth, with strong sales increases in all our U.S. businesses and margin expansion in each of our business segments, including International," said Chief Executive Officer Benno Dorer. "Notably, increased brand investment, including product innovation, is delivering meaningful value to consumers, resulting in category growth and the highest quarterly gain in total U.S. market share in three years." For the full year, Clorox projects earnings to be $4.68 to $4.83 per share, versus analysts' estimates of $4.83 per share. Clorox shares fell 0.64 percent to close at $121.94 on Friday.