Clorox Q1 Profit Down, But Beats Street View

(RTTNews) - Clorox Co. (CLX) on Tuesday posted a decline in first-quarter profit, affected by lower volume and higher administrative expenses. The earnings came in above the Street estimates. The company also confirmed its 2023 outlook.

The company's net income in the first quarter declined to $85 million or $0.68 per share from $142 million or $1.14 per share in the same period last year. Excluding items, income fell 23 percent to $0.93 per share from $1.21 per share a year ago.

On average, 16 analysts polled by Thomson Reuters expected the company to post earnings of $0.75 per share in the first quarter.

Net sales decreased 4 percent to $1.74 billion from $1.81 billion in the same period last year, while analysts were looking for revenues of $1.69 billion in the first quarter.

The company's selling and administrative expenses rose to $261 million from $236 million in the prior-year period.

Looking ahead, Clorox confirmed its fiscal 2023 outlook. For the full year, the company expects earnings per share between $3.10 and $3.47. Adjusted earnings is expected between $3.85 and $4.22. On average, 18 analysts polled by Thomson Reuters expect the company to post earnings of $4.07 per share in the year ahead.

The company expects net sales from a 4 percent decrease to a 2 percent increase compared to the prior year.