Consumer products company Clorox Co. (CLX) posted slightly higher net earnings of $133 million for the third quarter, versus $132 million reported a year back, while quarterly per-share earnings edged down to $1.00, from $1.01 last year. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $1.06 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales remained almost flat at $1.41 billion in the recent quarter, while 13 analysts estimated revenues of $1.44 billion for the quarter. Volume for the third quarter of fiscal 2013 was flat.
In addition to a challenging year-on-year comparison, the U.S. had the coldest March weather in over 10 years, which led to double-digit volume and sales declines in Charcoal business. Moreover, declining currencies in Argentina and Venezuela also affected its sales results. Excluding the impact of these headwinds, total company sales grew 3 percent, with solid increases in most of the company's U.S. businesses and growth in most of its International business.
For fiscal 2014, Clorox sees sales growth in the range of 2 percent to 4 percent, reflecting a negative impact of 1 percentage point from foreign currency declines in Argentina and other countries. Also, the sales outlook reflects continued product innovation and demand-building programs across the company's brands.
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