Clorox Co. (NYSE:CLX) matched estimates on its fourth-quarter earnings and saw a year-over- year increase in revenue, driven primarily by heightened demand and price hikes.
The Oakland, Calif.-based company reported net earnings of $171 million, or $1.20 a share, compared with $170 million, or $1.20 a share, in the same quarter last year, and matching average analyst estimate of $1.20, according to a Thomson Reuters poll.
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Sales for the consumer products maker were $1.52 billion, up slightly from $1.5 billion a year ago, and marginally ahead of the Street’s view of $1.51.
Revenue was driven by an increase in volume, which grew 2% last quarter, as well as higher prices in international markets. Record shipments of Kingsford charcoal and Hidden Valley salad dressing were also reported.
Clorox CEO Don Knauss said he was “very pleased” with the company’s performance for the fiscal year.
“We increased our total demand-building investment, driving higher all-outlet market share in the U.S. and share gains in international markets,” he said. “Our organization continues to do a fantastic job of executing the day-to-day business in a very challenging economic environment.”
Clorox confirmed its fiscal year 2011 financial outlook with an earnings range of $4.60 to $4.65 and a growth in sales between 2% and 4%.