2023-05-02 16:22:43 ET
- Clorox press release ( NYSE: CLX ): Q3 Non-GAAP EPS of $1.51 beats by $0.29 .
- Revenue of $1.91B (+6.1% Y/Y) beats by $90M .
- The net sales increase was driven largely by favorable price mix, partially offset by lower volume. Organic sales 1 were up 8%.
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The company is updating the following elements of its fiscal year 2023 outlook:
- Net sales are now expected to be between a 1% and 2% increase, compared previously to between a 2% decrease and 1% increase. Organic sales are now expected to be between a 3% and 4% increase, compared previously to between a flat and 3% increase.
- Gross margin is now expected to increase between 250 and 300 basis points, primarily due to the combined benefit of pricing, cost savings and supply chain optimization, more than offsetting continued cost inflation. This compares previously to an increase of about 200 basis points.
- Selling and administrative expenses are now expected to be about 16% of net sales, including about 1.5 points of impact from the company's strategic investments in digital capabilities and productivity enhancements. This compares previously to between 15% and 16% of net sales.
- Effective tax rate is now expected to be about 37%, reflecting the impact from the impairment charge in the VMS business. This compares previously to about 24%. Excluding the impact from the VMS impairment charge, the adjusted effective tax rate is expected to be about 24%.
- Diluted EPS is now expected to be between $0.45 and $0.60, or an 88% to 84% decrease, respectively. This compares previously to between $3.20 and $3.45, or a 14% to 8% decrease, respectively.
- Adjusted EPS is now expected to be between $4.35 and $4.50, or a 6% to 10% increase, respectively.
For further details see:
Clorox Non-GAAP EPS of $1.51 beats by $0.29, revenue of $1.91B beats by $90M