The Clorox Company (NYSE:CLX) topped analyst estimates in its first-quarter results, but a slashed outlook muddied the waters.
The household products company reported earnings of $1.62 per share on revenue of $1.56 billion compared with $1.42 per share on revenue of $1.5 billion in the previous year’s first quarter.
READ: Estee Lauder shares rise after fiscal 1Q earnings look pretty
The California-based company beat Wall Street estimates of $1.58 EPS on revenue of $1.54 billion.
"We're sustaining sales momentum behind superior consumer value supported by innovation. What's more, our pricing actions and cost savings initiatives are helping us counter stronger near-term cost and currency pressures,” said CEO Benno Dorer in the company’s press release.
The company’s brand portfolio includes its namesake brand as well as Pine-Sol, Burt’s Bees, Hidden Valley, Glad, Kingsford and Fresh Step.
Sales in its lifestyle segment, which includes dietary supplements as well as dressings and sauces, jumped 26%.
Cleaning segment sales were up 2%, driven mainly by Clorox-branded products.
Household sales were flat for the quarter as strong cat litter sales were offset by a dip in charcoal sales.
International sales decreased by 5% in the quarter.
For the year ahead, Clorox affirmed its sales growth outlook of 2% to 4%, but slashed its earnings guidance to $6.20 to $6.40 from its previous guidance of $6.32 to $6.52.
Clorox pointed to its expectation of fewer share repurchases as well as the impact of stronger foreign currency and cost pressures.
Shares of Clorox fell more than 5% to $145 in Wednesday pre-market trading.
Contact Lenore Fedow at lenore@proactiveinvestors.com
Follow her on Twitter: @LenoreMariee