Consumer products company Clorox Co. (CLX) reported a rise in second-quarter earnings to $123 million, or $0.93 per share, from last year's $105 million, or $0.79 per share. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $0.81 for the quarter. Analysts' estimates typically exclude one-time items.
The recent quarter's earnings reflect higher sales and volume, as well as gross margin expansion, partially offset by higher selling and administration expenses, including continued investments in the company's information technology systems; higher manufacturing and logistics costs, including the impact of inflationary pressures; and a higher tax rate versus the year-ago quarter.
Quarterly net sales reached $1.325 billion, an increase from $1.22 billion a year ago. Analysts estimated revenues of $1.27 billion for the quarter.
For fiscal 2013, Clorox now expects earnings per share in the range of $4.25 - $4.35, versus its previous $4.20 - $4.35 range. Nineteen analysts project annual earnings of $4.31 per share.
by RTT Staff Writer
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