Clorox Co. posted an 84% jump in its fis- ical first quarter net income, led by strong sales and volume growth in North America. The household products maker also announced plans to sell its business in Brazil.
For the period ended Sept. 30, Clorox said its net income grew to $145 million, from $79 million in the year-earlier period.
Clorox’s earnings exceeded its revised forecast, with a raise in earnings guidance to a range of $0.52-0.55 cents a share in September. Company executives cited continued cost cuts and increased confidence in its product offerings as the cause.
In the last quarter, the company posted an estimated loss of $13 millin for the sale of its Brazilian business, which was classified as discontinued operations. Last year’s results included charges totaling $0.12 a share.
Excluding items in both quarters, Clorox’s earnings grew 42% to $158 million, or $0.71 a share, from $111 million, or $0.46 a share, a year earlier. Sales climbed 64.4% to $1.05 billion from $984 million a year earlier. Ex-cluding divestitures, sales grew 8%.