Cleaning products maker Clorox Co. (CLX) announced its first quarter earnings before the bell on Thursday, with sales improving 2% and diluted EPS up 3% from last year’s comparable period.
CLX’s Earnings in Brief
- CLX reported earnings from continuing operations of $137 million, or $1.04 per share, compared to last year’s $133 million, or $1.02 per share.
- The company reported net sales of $1.364 billion versus last year’s Q1 sales of $1.338 billion.
- Clorox was able to beat analysts’ estimates of $1.01 EPS on revenues of $1.35 billion.
- The company updated its outlook for FY2013, and now sees diluted EPS in the range of $4.45-$4.60, and sales growth between 2% and 3%.
CEO Acknowledges Headwinds
Clorox CEO and chairman, Don Knauss, outlined the company’s successes and challenges in the past quarter: “We’re off to a good start in the fiscal year, delivering 2 percent sales growth. Excluding the impact of foreign currencies, sales grew 3.5 percent. We also delivered strong pretax profit growth of 7 percent. Still, like other companies, we continue to face headwinds, including foreign currency declines and increasing commodity costs. We’re also facing heightened competitive activity, which we expect to continue through the fiscal year. Looking at the full fiscal year, I feel good about the plans we have in place, including a strong innovation pipeline that will support our categories while delivering value to our consumers.”
No Dividend News
Clorox made no mention of a dividend raise in its quarterly report, which is not surprising as the company recently raised the payout by nearly 11% in July of this year. The company has raised its dividend in July for the past several years, and if the company is able to overcome headwinds and turn in a few more profitable quarters, investors should expect another dividend raise next summer.
The company will likely announce its next upcoming payout in mid-November 2013, with a pay date in mid-February 2014.
CLX stock was inactive in pre-market trading this morning. YTD, the stock is up 21.66%, putting its performance roughly in line with that of the benchmark S&P 500 index.The Bottom Line
Shares of Clorox Co. (CLX) have a yield of 3.15% based on Wednesday’s closing price of $90.14 and the company’s annualized payout of $2.84.
Clorox Co. (CLX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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