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Monday, November 02, 2009

Clorox Earnings Rise on H1N1 Sales

By Kathryn Glass

FOXBusiness

Shares of household-products company Clorox Co. (CLX) saw profit rise 23% in the fiscal first quarter as a result of increased sales of cleaning and disinfectant supplies brought on by demand created by the H1N1 virus, the company said.

The company reaffirmed its earlier revenue outlook and boosted its earnings per share outlook by five cents to range between $4.05 and $4.20 for the full year.

In the first quarter, Clorox saw profit increase to $157 million or $1.11 per share, compared to net income of $128 million or 90 a share in the year-ago period. Non-GAAP earnings per share rose to $1.18, up from 96 cents a year ago.

Revenue fell 1% during the quarter, to $1.37 billion, compared to revenue of $1.38 billion in the first quarter of fiscal 2008.

Analysts were expecting earnings of 95 cents on revenue of $1.37 billion, according to a poll by Thomson Reuters.

Gross margins improved to 45.1%, compared to 40.6%.

Shares of Clorox rose 17 cents or 0.29% in Monday’s session to close at $59.40.

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