Clorox Revenue Rises Above Expectation As Noncash Charge Weighs On Profit

By Tomi Kilgore Markets MarketWatch Pulse

Clorox Co. reported fiscal second-quarter earnings of $149 million, or $1.14 a share, compared with $149 million, or $1.13 a share, in the same period a year ago. The consumer and household products giant's results include an 11-cents-per-share noncash asset impairment charge related to the Aplicare skin antisepsis business. The FactSet earnings-per-share consensus was $1.22. Revenue rose to $1.41 billion from $1.35 billion, topping the FactSet consensus of $1.40 billion, as better-than-expected household and international sales offset misses in cleaning and lifestyle sales. Volume grew 8%. The company cut its fiscal 2017 EPS outlook to $5.23 to $5.38 from $5.23 to $5.43. "As we look to the remainder of fiscal year 2017, incremental investment behind our brands remains a priority, with promising innovation launching across our portfolio," said Chief Executive Benno Dorer. The stock, which was still inactive in premarket trade, has lost 8.3% over the past 12 months, while the SPDR Consumer Staples Select Sector ETF has gained 5% and the S&P 500 has rallied 19%.

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