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Shares of Clorox Co.
CLX, +2.70%
were indicated down nearly 2% in premarket trade Wednesday, after the consumer products company reported fiscal first-quarter earnings that topped expectations, but cut its outlook. Net income for the quarter to Sept. 30 rose to $210 million, or $1.62 a share, from $192 million, or $1.42 a share, in the same period a year ago. The FactSet earnings-per-share consensus was $1.58. Sales grew 4% to $1.56, above the FactSet consensus of $1.54 billion, as cleaning sales rose 2%, household sales were flat, lifestyle sales increased 26% and international sales declined 5%. For fiscal 2019, the company affirmed its sales growth outlook of 2% to 4%, but cut its EPS guidance range to $6.20 to $6.40 from $6.32 to $6.52, citing expectations of fewer share repurchases and the impact of stronger foreign currency and cost pressures. Gross margin is expected to be flat, compared with a previous outlook of flat to up modestly, as price increases and cost savings were offset by negative currency and cost influences. The stock has rallied 13% over the past three months through Tuesday, while the S&P 500
SPX, +1.57%
has lost 4.8%.
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