Clorox sales spike as coronavirus spurs demand for cleaning products

Company raised its full-year outlook as sales surged

Clorox Co. raised its full-year outlook as sales surged 27% in the three months through September while consumers stocked up on cleaning products amid the COVID-19 pandemic.

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The Oakland, Calif.-based household products manufacturer reported fiscal first-quarter sales of $1.92 billion, surpassing the $1.75 billion that analysts surveyed by Refinitiv were expecting.

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Net profit spiked 104% to $415 million, or an adjusted $3.22 per share. Wall Street analysts were forecasting adjusted earnings of $2.32 per share.

“We delivered another quarter of outstanding results to have a strong start to the fiscal year, with broad-based strength across our portfolio, driving double-digit sales growth in all reportable segments," said CEO Linda Rendle in a statement.

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Sales rose by double digits in eight of 10 business segments. The health and wellness unit, which includes cleaning products, saw sales spike 28% to $813 million and made up 42% of all revenue.

The household unit was the fastest growing with sales increasing by 39% as the grilling business more than doubled.

Clorox raised its full-year 2021 adjusted earnings per share growth forecast to between 5% and 8%, or $7.70 to $7.95.

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Shares were up 35% this year through Friday, outperforming the S&P 500's 1.21% gain.