Clorox beats sales, profit estimates on steady demand for cleaning products
Nov 3 (Reuters) - Clorox CLX.N beat market expectations for first-quarter sales and profit on Monday, helped by strong demand for its cleaning products.
Shares in the firm were up over 3% after the bell.
The Pine-Sol parent posted an adjusted profit of 85 cents per share, compared with estimates of 79 cents, according to data compiled by LSEG.
Revenue fell 19% to $1.43 billion, topping estimates of $1.40 billion. The firm had warned of lower shipments in the reported quarter as retailers pulled forward inventory stocking ahead of the company's system upgrade.
The results reinforce the trend of customers focusing on essentials amid uncertain economic conditions as reflected in strong results from Procter & Gamble PG.N and Kimberly-Clark KMB.N.
Clorox stuck to its annual forecast of a 6% to 10% drop in sales and adjusted profit of between $5.95 and $6.30 per share.
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