Clorox Posts Lower Profit on Weak Sales
Clorox Co (NYSE:CLX) posted a sharply lower quarterly profit as sales fell, it spent more to promote its household goods and it took a hefty impairment charge on its Burt's Bees personal care business.
The maker of Clorox bleach, Glad bags and Brita water filters earned $21 million, or 15 cents per share, in the fiscal second quarter ended on Dec. 31, down from $110 million, or 77 cents, a year earlier.
Excluding a $258 million goodwill impairment charge, earnings from continuing operations rose to 68 cents per share from 66 cents per share a year earlier.
Sales fell 3 percent to $1.18 billion, coming in slightly ahead of analysts' average forecast of $1.17 billion, according to Thomson Reuters I/B/E/S.
Clorox said it expects to earn $3.85 per share to $4 per share this fiscal year, excluding items. It still expects sales to be flat to up 1% during the year, which ends in June.
In January, Clorox said sales and profits were under pressure and it would write down the value of its Burt's Bees acquisition.