Clorox Q4 Profit Tops Street; Backs FY14 Outlook - Quick Facts

(RTTNews) - Consumer products company Clorox Co. (CLX) posted higher fourth-quarter earnings of $183 million, or $1.37 a share, compared with $174 million, or $1.32 a share, in the year-ago quarter. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $1.34 for the quarter. Analysts' estimates typically exclude one-time items. The company said the recent quarter's results reflect the benefit of strong cost savings and price increases, partially offset by higher manufacturing and logistics costs, including the impact of inflationary pressures, and unfavorable foreign currency exchange rates.

For the fourth quarter, sales were up slightly to $1.55 billion, reflecting the benefit of price increases, favorable product mix and lower trade spending, largely offset by lower volume and unfavorable foreign currency exchange rates. Excluding the impact of foreign currency declines, sales grew about 1.5 percent. Analysts estimated revenues of $1.57 billion for the quarter. Volume for the quarter dropped 3 percent, driven mainly by declines in the company's Home Care, Charcoal and International businesses.

The company said in a statement, "We grew sales in all four segments behind product innovation across multiple brands and delivered strong gross margin expansion."

Looking forward, Clorox still anticipates sales growth for fiscal 2014 in the range of 2 percent to 4 percent, with the first half of the fiscal year at the lower end or potentially below that range. Also, it continues to expect fiscal 2014 EPS from continuing operations in the range of $4.55 to $4.70.