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Clorox Continues to Clean Up

Higher volume sales and lower expenses power a strong quarter


The Clorox Company (NYSE:CLX)Consumer and institutional products maker and InvestorPlace Dependable Dividend Stock Clorox (NYSE:CLX) continued on its most recent winning ways, announcing a sixth consecutive quarter of sales growth for its fourth quarter and fiscal year ending June 30.

For the quarter Clorox reported earnings of $174 million, or $1.32 diluted earnings per share, representing a 4% increase over last years $169 million, or $1.26 diluted earnings per share. Management attributed the increase to product price increases particularly in its bleach products segment, higher product sales, lower tax rates and lower advertising expenses compared to last year. Sales rose 4 percent to $1.54 billion for the quarter, a 2 percent rise over last year’s $1.48 million, helped by new businesses acquired earlier in the year.

The results topped analysts polled by Thomson Reuters, who expected the company to report earnings of $1.27 per share on revenues of $1.53 billion for the quarter excluding special items.

For the full fiscal year ended June 30, Clorox reported revenues of $5.4 billion, a 5% increase from 2010’s $5.2 billion, and an earnings increase to $4.10 diluted earnings per share against $4.02 diluted earnings per share for 2010.

Clorox anticipates sales growth to be in the range of 2 percent to 4 percent for fiscal year 2013, and for   earnings per share from continuing operations to be in the range of $4.20 to $4.35. Analysts expect the company to earn $4.28 per share on revenues of $5.66 billion for the year.

Written by InvestorPlace Staff

Article printed from InvestorPlace Media,

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