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OAKLAND, Calif. - Clorox Company (NYSE:CLX) reported better-than-expected second-quarter results and raised its full-year earnings guidance, despite a decline in sales due to lapping effects from last year’s cyberattack recovery.
CLX shares were down slightly, by 0.7%, in aftermarket trading Monday.
The consumer products giant posted adjusted earnings per share of $1.55 for the quarter ended December 31, 2024, surpassing analyst estimates of $1.39. Revenue came in at $1.69 billion, above the consensus forecast of $1.63 billion, but down 15% YoY.
The sales decrease was primarily attributed to lapping the impact of retail inventory restoration following the August 2023 cyberattack and recent divestitures. Organic sales, which exclude the impact of divestitures, fell 9%.
Despite lower sales, Clorox’s gross margin improved by 30 basis points to 43.8%, driven by cost savings and benefits from recent divestitures. The company achieved its ninth consecutive quarter of gross margin expansion.
"We achieved better-than-expected results across sales, margin and EPS in the second quarter due to our strong demand creation plans, which also supported our share growth," said Chair and CEO Linda Rendle.
Clorox raised its fiscal 2025 adjusted EPS guidance to $6.95-$7.35, up from its previous outlook of $6.65-$6.90 and above analyst expectations of $6.87. The company now expects full-year net sales to range from a 1% decline to a 2% increase.
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