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Clorox Reports Sales Up 22%; Names New CEO

Consumer-products maker Clorox (NYSE: CLX) reported quarterly earnings today that beat analyst estimates on both revenue and income, with sales jumping 22% over the year-ago period. Earnings per share of $2.41 for the quarter rose 28% versus last year, beating estimates of $1.99 per share. 

Separately, the company announced that 17-year veteran Linda Rendle has been promoted to CEO effective Sept. 14, 2020. Current CEO Benno Dorer will continue to serve as the executive chair of the board.  packages of many Clorox brands

Image source: The Clorox Company.

Each of Clorox's reportable segments achieved double-digit sales growth compared to the prior-year period. Household, which includes bags and wraps, increased 17%. Its lifestyle segment reported a 16% increase from products including water filtration and personal care, and international sales were up 24% on a currency-neutral basis. 

In a statement, Dorer said, "I'm pleased that we've delivered a quarter of exceptional results, fueled by strong demand for our products that we've been privileged to provide in support of public health and to serve some of the essential needs of consumers as they've had to stay at home more." 

As a result of the COVID-19 pandemic, companies including United Airlines Holdings (NASDAQ: UAL) and theater operator AMC Entertainment Holdings (NYSE: AMC) have been arranging partnerships with Clorox to gain expertise and products for new health and safety protocols needed to conduct business. 

As this quarter closed out its fiscal year 2020, the company gave a financial outlook for its upcoming fiscal 2021. While acknowledging the continued uncertainties related to the pandemic, it expects sales to be flat to a low single-digit increase for the upcoming fiscal year. 

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