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Clorox net income rises 23% amid H1N1 fears and lower material costs (CLX)

Posted on: Mon, 02 Nov 2009 11:43:00 EST

Symbols: CLX

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Nov 02, 2009 (SmarTrend(R) News Watch via COMTEX) --
CLX | Quote | Chart | News | PowerRating -- 11/2/2009-Clorox (NYSE:CLX) reported fiscal Q1 EPS of $1.11, topping consensus estimates of $0.95. Revenues in the quarter slipped 1% to $1.37 billion, inline with consensus estimates. Clorox said gross margin increased 450 basis points to 45.1% from 40.6%, citing "the benefit of lower commodity costs, strong cost savings and price increases." Clorox raised its fiscal year 2010 outlook to EPS of $4.05 - $4.20 (vs. consensus estimates of $4.18).

"We had a great first quarter, especially given the continued challenging economic environment and the impact of weaker foreign currencies," said Chairman and CEO Don Knauss. "Most of our businesses performed well, and we exceeded our earnings expectations due to strong sales of disinfecting products related to the H1N1 flu pandemic. We also delivered our third consecutive quarter of significant gross margin improvement."

Write to Chip Brian at cbrian@tradethetrend.com

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