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Clorox Names Linda Rendle CEO - Quick Facts

(RTTNews) - The Clorox Company (CLX) announced the promotion of Linda Rendle as chief executive officer, effective Sept. 14, 2020. Benno Dorer will continue serving as the board's executive chair. Prior to her current role as president, Rendle was executive vice president - Cleaning, International, Strategy and Operations.

Separately, the company said it expects fiscal 2021 earnings per share to be from a mid-single-digit decrease to a mid-single-digit increase. The outlook includes an estimated contribution of 45 to 53 cents in fiscal 2021 as a result of the company's increased stake in the Kingdom of Saudi Arabia joint venture, due primarily to a one-time non-cash gain associated with a fair value adjustment to the company's previously held stake, which will be recognized in the first quarter of fiscal 2021.

For fiscal 2021, the company projects sales growth ranging from flat to low single digits. Organic sales are also expected to be in a range from flat to low single-digit growth.

Fourth quarter earnings per share was $2.41 compared to $1.88, last year, a 28% increase. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.99, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net sales were $1.98 billion compared to $1.63 billion, previous year. Analysts expected revenue of $1.87 billion for the quarter. Fourth quarter sales increased 22%, driven by double-digit volume growth in all reportable segments due to COVID-19 and consumers spending more time at home, which was partially offset by 2 points of impact from unfavorable foreign currency exchange rates. Organic sales were up 24% for the quarter.

Shares of Clorox were up 2% in pre-market trade on Monday.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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