Clorox Updates 2019 Outlook

(RTTNews) - Clorox Co. (CLX) said that it now expects fiscal year 2019 earnings per share from continuing operations to be in the range of $6.25 to $6.35. Fiscal year earnings per share also continues to include about 8 to 12 cents of dilution related to the Nutranext acquisition, in addition to 5 to 7 cents of negative impact from tariffs, which are affecting a couple of the company's business units. Analysts polled by Thomson Reuters expected the company to report earnings of $6.32 per share for fiscal year 2019. Analysts' estimates typically exclude special items.

The company now anticipates sales growth for fiscal year 2019 to be in the range of 2% to 3%, primarily from a milder cold and flu season versus the year-ago period and heightened competitive promotional activity in the Wipes category.

In addition, the company's updated sales outlook reflects lower sales in its Bags and Wraps business related to widened price gaps from prices increases and heightened competitive promotional activity.

Clorox continues to anticipate advertising and sales promotion spending to be about 10% of sales behind the company's ongoing commitment to invest strongly behind its brands.