Clorox exceeds Wall Street estimates for the first quarter of the fiscal year.

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Clorox exceeds Wall Street estimates for the first quarter of the fiscal year.
The U.S. company expects a 5% to 9% jump in sales for the 2021 fiscal year.
Sales of household products increased by 39% on an annual basis.

The Clorox Company (NYSE: CLX) announced its financial results on Monday, which exceeded Wall Street estimates for the first quarter of the fiscal year. The company attributed its combative performance to the coronavirus pandemic, which fueled demand for household cleaning and personal care products.

The COVID 19 crisis has so far infected nearly 47 million people worldwide and caused more than 1.2 million deaths. In a separate news release from the United States, Waste Management Inc. also released its third quarter results report for the fiscal year on Monday.

Clorox’s financial results for the first quarter compared to analysts’ estimates

Clorox said its net income for the quarter ended September 30 was £320.95 million, or £2.49 per share. In comparison, net income for the prior year quarter was limited to a much lower level of £157 million or £1.23 per share.

The FactSet Consensus for earnings per share for the first quarter was £1.79. In terms of revenue, the Oakland-based company reported a 27.2% increase in the first quarter to £1.48 billion compared to the lower £1.36 billion expected by the FactSet.

In the previous quarter (Q4), Clorox had reported revenues of £1.52 billion and earnings per share of £1.85, according to the report released in the first week of August.

Clorox also said in its report released on Monday that first quarter sales of household products grew 39% year-over-year, while sales of health and wellness products were up 28% year-over-year. Commenting on Clorox’s earnings report on Monday, Barclays analysts said

“Clorox has just reported its best quarter since the beginning of the COVID 19 pandemic, which says a lot given the consistently strong demand for its products”.

Clorox’s forecast for fiscal 2021

For the financial year 2021, the US company now forecasts earnings per share of £5.95 to £6.15. Revenues are expected to increase by 5% to 9% in fiscal 2021. The FactSet consensus for Clorox’s earnings per share and sales in fiscal 2021 is £5.97 billion and £5.37 billion, respectively.

Clorox reported a 2.3% increase in pre-market trading on Monday. The company’s shares now trade at £159.93 per share, representing nearly 35% growth in the stock market this year.

Clorox reached an all-year high in August of £183.67 per share. At the time of writing, the U.S. global producer and marketer of consumer and professional products has a market capitalization of £20.20 billion and a price-to-earnings ratio of 28.18.

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