Cleaning products maker Clorox Co (NYSE:CLX) lowered its full-year profit outlook amid weaker expected tax benefits amid its latest quarterly results.
The Oakland-based company reported fiscal Q1 earnings of $1.36 per share, missing Wall Street’s $1.42 per share estimate by six cents. Revenues rose 3.8% from last year to $1.44 billion, edging out analysts’ view of $1.43 billion.
Clorox said that volume jumped 8% in the latest period, with across the board gains in all segments. The company noted its May 2016 acquisition of the RenewLife digestive health business helped drive that growth.
Looking ahead, CLX cut its full-year 2017 EPS outlook to a range of $5.23-5.43, down from a prior view of $5.38-5.80. Analysts are looking for $5.49 per share for the year. It kept its revenue forecast unchanged, however, still expecting a 2% to 4% gain over the prior year to $5.88-6.00 billion. That range straddles Wall Street’s $5.96 billion estimate.
The company commented via press release:
“I’m very pleased about our solid start to the fiscal year, as investments behind our 2020 Strategy, including product innovation, resulted in continued strong topline growth,” said Chairman and CEO Benno Dorer. “Notably, we grew volume in all U.S. and International segments. We also delivered these results on top of strong topline growth in the year-ago quarter.”
“As we look to the remainder of the fiscal year, I feel good about the health of our core business and am confident in the strategic plans we have in place in the face of a challenging macro-economic environment,” continued Dorer.
Clorox shares fell $2.49 (-2.08%) to $117.00 in premarket trading Wednesday. Prior to today’s report, CLX had fallen 5.79%, versus a 3.5% gain in the benchmark S&P 500 during the same period.