OAKLAND, Calif., Nov. 2, 2016 /PRNewswire/ -- The Clorox
Company (NYSE:CLX) today reported sales growth of 4 percent and an
increase of 3 percent in diluted net earnings per share (EPS) from
continuing operations for its first quarter, which ended
September 30, 2016. On a
currency-neutral basis, first-quarter sales grew 6 percent.
"I'm very pleased about our solid start to the fiscal year, as
investments behind our 2020 Strategy, including product innovation,
resulted in continued strong topline growth," said Chairman and CEO
Benno Dorer. "Notably, we grew
volume in all U.S. and International segments. We also delivered
these results on top of strong topline growth in the year-ago
quarter."
"As we look to the remainder of the fiscal year, I feel good
about the health of our core business and am confident in the
strategic plans we have in place in the face of a challenging
macro-economic environment," continued Dorer.
All results in this press release are reported on a continuing
operations basis, unless otherwise stated. Some information in this
release is reported on a non-GAAP basis. See "Non-GAAP Financial
Information" below and the tables toward the end of this press
release for more information and reconciliations of key
first-quarter fiscal year 2017 and fiscal year 2016 results to the
most directly comparable financial measures calculated in
accordance with generally accepted accounting principles in the
U.S. (GAAP).
Fiscal First-Quarter Results
Following is a summary of key first-quarter results. All
comparisons are with the first quarter of fiscal year 2016, unless
otherwise stated.
- 8% volume growth
- 4% sales growth
- $1.36 diluted EPS (3%
increase)
In the first quarter, volume grew 8 percent, reflecting
increases in all reportable segments, including the benefit of the
RenewLife digestive health business, which was acquired in
May 2016. Total company sales grew 4
percent, driven by strong volume growth, including 2 points from
the RenewLife business, and the benefit of price increases in the
company's international business. These factors were partially
offset by unfavorable mix and 2 points of unfavorable foreign
currency exchange rates.
Clorox delivered earnings from continuing operations of
$179 million, or $1.36 diluted EPS, compared to $173 million, or $1.32 diluted EPS, in the year-ago quarter.
First-quarter diluted EPS results reflect higher sales and the
benefit of cost savings, partially offset by higher manufacturing
and logistics costs and unfavorable foreign currency exchange
rates. First-quarter diluted EPS also reflects a 4-cent benefit from the adoption of the
Accounting Standards Update (ASU) 2016-09, which was recently
issued by the Financial Accounting Standards Board, addressing the
accounting of employee share-based payments. This benefit, which is
reflected in a lower tax rate in the first quarter versus year ago,
was less than anticipated as fewer stock options were exercised by
employees. The company had previously communicated that the benefit
realized from the adoption of this accounting standard could vary
significantly given the inherent uncertainty in predicting future
share-based transactions. The company's updated outlook for the
full-year impact of ASU 2016-09 is presented later in this press
release.
The company's first-quarter gross margin decreased 60 basis
points to 44.4 percent from 45 percent in the year-ago quarter,
driven primarily by higher manufacturing and logistics costs
impacted by ongoing inflationary pressure and the timing of
strategic investments to support growth and cost savings
initiatives, unfavorable mix and unfavorable foreign currency
exchange rates. These factors were partially offset by the benefits
of cost savings, favorable commodity costs and price increases.
First-quarter net cash provided by continuing operations was
$170 million, compared with
$135 million in the year-ago period.
The year-over-year increase reflects higher tax payments in the
year-ago period.
Key Segment Results
Following is a summary of key first-quarter results from
continuing operations by reportable segment. All comparisons are
with the first quarter of fiscal year 2016, unless otherwise
stated.
Cleaning
(Laundry, Home Care, Professional
Products)
- 13% volume growth
- 7% sales growth
- 10% pretax earnings growth
Segment volume growth was driven largely by gains in Home Care,
particularly record shipments of Clorox® disinfecting
wipes behind expanded club-channel distribution and increased
merchandising support for the back-to-school season. Record
shipments across a number of Clorox-branded products, including
toilet bowl cleaners and disinfecting spray products, also
contributed to segment volume results. Professional Products also
contributed to segment volume growth, reflecting strong gains
across cleaning brands. The variance between volume and sales
growth was due to unfavorable mix. Pretax earnings growth reflected
higher sales and cost savings.
Household
(Bags and Wraps, Charcoal, Cat Litter, Digestive Health)
- 6% volume growth
- 3% sales growth
- 16% pretax earnings decrease
Segment volume growth was driven primarily by the benefit of the
RenewLife acquisition, partially offset by lower shipments in
Charcoal, which grew volume by 6 percent in the year-ago
quarter. Segment sales also increased, but trailed volume
growth reflecting higher trade promotion spending, which included
spending in Bags and Wraps to address competitive activity and
in Cat Litter to support the Fresh Step® with Febreze
innovation. Pretax earnings decreased driven by lower
Charcoal volume, higher trade promotion spending and higher
manufacturing and logistics costs. These factors
were partially offset by the benefit of favorable commodity
costs.
Lifestyle
(Dressings and Sauces, Water Filtration, Natural Personal
Care)
- 1% volume growth
- 2% sales growth
- 5% pretax earnings growth
Segment volume growth was driven primarily by gains in Natural
Personal Care behind innovation in Burt's Bees® lip
color products. Sales outpaced volume primarily due to lower trade
promotion spending. Pretax earnings growth reflected higher sales
and the benefits of cost savings and favorable commodity costs,
partially offset by higher manufacturing and logistics costs.
International
(Sales outside of the U.S.)
- 4% volume increase
- Flat sales (10% growth, currency-neutral basis)
- 16% pretax earnings decrease
Segment volume results were driven primarily by gains in
Canada, reflecting base business growth and the benefit of the
RenewLife acquisition, as well as growth in the Burt's Bees
business in Asia, partially offset
by decreases in select Latin
America countries, notably Argentina. Volume outpaced flat sales,
largely due to the impact of 10 percentage points of unfavorable
foreign currency exchanges rates, partially offset by price
increases. Excluding the impact of unfavorable foreign
currency exchange rates, segment sales grew 10 percent. Pretax
earnings decreased, reflecting unfavorable foreign currency
exchange rates and inflationary pressure on higher manufacturing
and logistics costs. These factors were partially offset by the
benefit of price increases.
Clorox Updates Fiscal Year 2017 EPS Outlook for Revised Tax
Rate Assumptions;
Expectations For Sales Growth and EBIT Margin Expansion
Remain Unchanged
- 2% to 4% sales growth (unchanged)
- 25 basis points to 50 basis points of EBIT margin expansion
(unchanged)
- $5.23 to $5.43 diluted EPS range
(updated for ASU 2016-09 impact)
- $5.13 to $5.28, excluding ASU
2016-09 impact (unchanged)
Clorox continues to anticipate delivering 2 percent to 4 percent
sales growth in fiscal year 2017, reflecting about 2 percentage
points of benefit from the RenewLife acquisition, partially offset
by about 2 percentage points of unfavorable foreign currency
exchange rates. Excluding the impact of 2 percentage points from
unfavorable foreign currency exchange rates, the company continues
to anticipate fiscal year sales to grow between 4 to 6 percent.
Clorox continues to anticipate EBIT margin expansion for fiscal
year 2017 to be in the range of 25 to 50 basis points, primarily
driven by lower selling and administrative expenses, which are
expected to be below 14 percent of sales.
Clorox now anticipates its effective fiscal year 2017 tax rate
to be between 32 percent and 33 percent versus its previous
assumption of 30 percent and 31 percent, reflecting a 2-point
reduction versus year ago compared to the previously assumed
4-point reduction from adopting ASU 2016-09. The company's updated
assumptions for its fiscal year effective tax rate reflect lower
than anticipated exercises of Clorox stock options in the first
quarter and the company's revised outlook for full-year stock
option exercises. As noted, the company had previously communicated
that the benefit to be realized from the adoption of ASU 2016-19
could vary significantly.
Net of all these factors, Clorox now anticipates fiscal year
2017 diluted EPS from continuing operations to be in the range of
$5.23 to $5.43, which includes the
updated assumption of 10 to 15 cents
of benefit to fiscal year EPS from adopting the accounting
standards update. Excluding the benefit of adopting the
accounting standards update, Clorox continues to anticipate fiscal
year 2017 diluted EPS from continuing operations to be in the range
of $5.13 to $5.28.
|
FY17
Outlook
|
|
as of Aug. 3,
2016
|
as of Nov. 2,
2016
|
Diluted EPS,
excluding ASU
|
$5.13 to
$5.28
|
$5.13 to
$5.28
|
ASU 2016-09
benefit
|
$0.25 to
$0.30
|
$0.10 to
$0.15
|
Diluted EPS
Outlook
|
$5.38 to
$5.58
|
$5.23 to
$5.43
|
For More Detailed Financial Information
Visit the company's Financial Information: Quarterly Results
section of the company's website at TheCloroxCompany.com for the
following:
- Supplemental unaudited volume and sales growth information
- Supplemental unaudited gross margin driver information
- Supplemental unaudited reconciliation of certain non-GAAP
financial information, including earnings from continuing
operations before interest and taxes (EBIT) and earnings from
continuing operations before interest, taxes, depreciation and
amortization (EBITDA)
- Supplemental unaudited balance sheet and cash flow information
and free cash flow reconciliation
- Supplemental price-change information
Note: Percentage and basis-point changes noted in this press
release are calculated based on rounded numbers. Supplemental
materials are available in the Financial Information: Quarterly
Results section of the company's website at
TheCloroxCompany.com.
The Clorox Company
The Clorox Company (NYSE: CLX) is a leading
multinational manufacturer and marketer of consumer and
professional products with about 8,000 employees worldwide and
fiscal year 2016 sales of $5.8 billion. Clorox markets some of
the most trusted and recognized consumer brand names, including its
namesake bleach and cleaning products; Pine-Sol® cleaners; Liquid
Plumr® clog removers; Poett® home care products; Fresh Step® cat
litter; Glad® bags, wraps and containers; Kingsford® charcoal;
Hidden Valley® dressings and sauces; Brita® water-filtration
products; Burt's Bees® natural personal care products; and
RenewLife® digestive health products. The company also markets
brands for professional services, including Clorox Healthcare® and
Clorox Commercial Solutions®. More than 80 percent of the company's
sales are generated from brands that hold the No. 1 or No. 2 market
share positions in their categories.
Clorox is a signatory of the United Nations Global Compact, a
community of global leaders committed to sustainability. The
company also has been broadly recognized for its corporate
responsibility efforts, most notably receiving two Climate
Leadership Awards for Excellence in 2015 and a Safer Choice
Partner of the Year Award in 2016 from the U.S.
Environmental Protection Agency as well as being named to CR
Magazine's 2016 Best Corporate Citizens list and included in
the 2016 Newsweek Green Rankings. The Clorox
Company and its foundations contributed
nearly $17 million in combined cash grants, product
donations, cause marketing and employee volunteerism in the past
year. For more information, visit TheCloroxCompany.com,
including the Good Growth blog, and follow the company on
Twitter at @CloroxCo.
CLX-F
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and such forward-looking statements involve risks and
uncertainties. Except for historical information, statements about
future volumes, sales, foreign currencies, costs, cost savings,
margins, earnings, earnings per share, diluted earnings per share,
foreign currency exchange rates, cash flows, plans, objectives,
expectations, growth, or profitability are forward-looking
statements based on management's estimates, assumptions and
projections. Words such as "could," "may," "expects,"
"anticipates," "targets," "goals," "projects," "intends," "plans,"
"believes," "seeks," "estimates," "predicts" and variations on such
words, and similar expressions that reflect our current views with
respect to future events and operational and financial performance,
are intended to identify such forward-looking statements. These
forward-looking statements are only predictions, subject to risks
and uncertainties, and actual results could differ materially from
those discussed. Important factors that could affect performance
and cause results to differ materially from management's
expectations are described in the sections entitled "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in the company's Annual Report on Form
10-K for the fiscal year ended June 30, 2016, as updated from
time to time in the company's SEC filings. These factors
include, but are not limited to: intense competition in the
company's markets; worldwide, regional and local economic
conditions and financial market volatility; the ability of the
company to drive sales growth, increase prices and market share,
grow its product categories and achieve favorable product and
geographic mix; volatility and increases in commodity costs such as
resin, sodium hypochlorite and agricultural commodities, and
increases in energy, transportation or other costs; dependence on
key customers and risks related to customer consolidation and
ordering patterns; risks related to reliance on information
technology systems, including potential security breaches,
cyber-attacks, privacy breaches or data breaches that result in the
unauthorized disclosure of consumer, customer, employee or company
information, or service interruptions; costs resulting from
government regulations; the ability of the company to successfully
manage global, political, legal, tax and regulatory risks,
including changes in regulatory or administrative activity; risks
related to international operations, including political
instability; government-imposed price controls or other
regulations; foreign currency exchange rate controls, including
periodic changes in such controls, fluctuations and devaluations;
labor claims, labor unrest and inflationary pressures, particularly
in Argentina; and potential harm
and liabilities from the use, storage and transportation of
chlorine in certain international markets where chlorine is used in
the production of bleach; risks related to the possibility of
nationalization, expropriation of assets or other government action
in foreign jurisdictions; risks relating to acquisitions, new
ventures and divestitures, and associated costs, including the
potential for asset impairment charges related to, among others,
intangible assets and goodwill; the ability of the company to
develop and introduce commercially successful products; supply
disruptions and other risks inherent in reliance on a limited base
of suppliers; the impact of product liability claims, labor claims
and other legal proceedings, including in foreign jurisdictions;
the success of the company's business strategies; the ability of
the company to implement and generate anticipated cost savings and
efficiencies; the company's ability to attract and retain key
personnel; the company's ability to maintain its business
reputation and the reputation of its brands; environmental matters,
including costs associated with the remediation of past
contamination and the handling and/or transportation of hazardous
substances; the impact of natural disasters, terrorism and other
events beyond the company's control; the company's ability to
maximize, assert and defend its intellectual property rights; any
infringement or claimed infringement by the company of third-party
intellectual property rights; risks related to the potential
increase in the company's purchase price for The Procter &
Gamble Company's (P&G) interest in the Glad®
business and the impact from the decision on whether or not to
extend the term of the related agreement with P&G; the effect
of the company's indebtedness and credit rating on its business
operations and financial results; risks related to the company's
discontinuation of operations in Venezuela; the company's ability to pay and
declare dividends or repurchase its stock in the future; the
company's ability to maintain an effective system of internal
controls, including after completing acquisitions; uncertainties
relating to tax positions, tax disputes and changes in the
company's tax rate; the accuracy of the company's estimates and
assumptions on which its financial projections are based; and the
impacts of potential stockholder activism.
The company's forward-looking statements in this press release
are based on management's current views and assumptions regarding
future events and speak only as of their dates. The company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by the federal
securities laws.
Non-GAAP Financial Information
This press release contains non-GAAP financial information
relating to currency-neutral net sales growth, EBIT and EBIT
margin. The company has included reconciliations of these non-GAAP
financial measures to the most directly comparable financial
measure calculated in accordance with GAAP. See the end of this
press release for these reconciliations.
The company discloses these non-GAAP financial measures to
supplement its consolidated financial statements presented in
accordance with GAAP. These non-GAAP financial measures should not
be considered in isolation or as a substitute for the comparable
GAAP measures. In addition, these non-GAAP financial measures may
not be the same as similar measures provided by other companies due
to potential differences in methods of calculation and items being
excluded. They should be read in connection with the company's
consolidated financial statements presented in accordance with
GAAP.
EBIT represents earnings from continuing operations before
income taxes, interest income and interest expense. EBIT margin is
the ratio of EBIT to net sales. The company's management believes
these measures provide useful additional information to investors
about trends in the company's operations and are useful for
period-over-period comparisons.
Currency-neutral net sales growth represents GAAP net sales
growth excluding the impact of the change in foreign currency
exchange rates. The company's management believes these measures
provide useful additional information to investors about changes in
the company's core business operations without the unpredictability
and volatility of currency fluctuations.
For recent presentations made by company management and other
investor materials, visit Investor Events on the company's
website.
Condensed
Consolidated Statements of Earnings
|
Dollars in millions,
except share and per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
9/30/2016
|
|
9/30/2015
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
1,443
|
|
$
|
1,390
|
Cost of products
sold
|
|
803
|
|
|
765
|
Gross
profit
|
|
640
|
|
|
625
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
|
200
|
|
|
186
|
Advertising
costs
|
|
128
|
|
|
123
|
Research and
development costs
|
|
31
|
|
|
30
|
Interest
expense
|
|
22
|
|
|
23
|
Other income,
net
|
|
(5)
|
|
|
(1)
|
Earnings from
continuing operations before income taxes
|
|
264
|
|
|
264
|
Income taxes on
continuing operations
|
|
85
|
|
|
91
|
Earnings from
continuing operations
|
|
179
|
|
|
173
|
Earnings (losses)
from discontinued operations, net of tax
|
|
-
|
|
|
(1)
|
Net
earnings
|
$
|
179
|
|
$
|
172
|
|
|
|
|
|
|
|
|
Net earnings (losses)
per share
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
1.39
|
|
$
|
1.34
|
|
|
Discontinued
operations
|
|
-
|
|
|
(0.01)
|
|
Basic net earnings
per share
|
$
|
1.39
|
|
$
|
1.33
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
1.36
|
|
$
|
1.32
|
|
|
Discontinued
operations
|
|
-
|
|
|
(0.01)
|
|
Diluted net earnings
per share
|
$
|
1.36
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding (in thousands)
|
|
|
|
|
|
|
Basic
|
|
129,449
|
|
|
129,155
|
|
Diluted
|
|
132,193
|
|
|
131,220
|
Reportable Segment
Information
|
(Unaudited)
|
Dollars in
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
Earnings (losses)
from continuing operations
before income taxes
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
9/30/2016
|
|
9/30/2015
|
|
%
Change(1)
|
|
9/30/2016
|
|
9/30/2015
|
|
%
Change(1)
|
Cleaning
|
$
|
534
|
|
$
|
497
|
|
7%
|
|
$
|
164
|
|
$
|
149
|
|
10%
|
Household
|
|
422
|
|
|
411
|
|
3%
|
|
|
69
|
|
|
82
|
|
-16%
|
Lifestyle
|
|
236
|
|
|
231
|
|
2%
|
|
|
62
|
|
|
59
|
|
5%
|
International
|
|
251
|
|
|
251
|
|
0%
|
|
|
27
|
|
|
32
|
|
-16%
|
Corporate
|
|
-
|
|
|
-
|
|
0%
|
|
|
(58)
|
|
|
(58)
|
|
0%
|
Total
|
$
|
1,443
|
|
$
|
1,390
|
|
4%
|
|
$
|
264
|
|
$
|
264
|
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Percentages based on rounded numbers.
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
Dollars in
millions
|
|
|
|
|
|
9/30/2016
|
|
6/30/2016
|
|
9/30/2015
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
408
|
|
$
|
401
|
|
$
|
383
|
|
Receivables,
net
|
|
|
494
|
|
|
569
|
|
|
472
|
|
Inventories,
net
|
|
|
465
|
|
|
443
|
|
|
408
|
|
Other current
assets
|
|
|
49
|
|
|
72
|
|
|
147
|
|
|
Total current
assets
|
|
|
1,416
|
|
|
1,485
|
|
|
1,410
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
917
|
|
|
906
|
|
|
885
|
Goodwill
|
|
|
1,196
|
|
|
1,197
|
|
|
1,052
|
Trademarks,
net
|
|
|
657
|
|
|
657
|
|
|
533
|
Other intangible
assets, net
|
|
|
76
|
|
|
78
|
|
|
49
|
Other
assets*
|
|
|
204
|
|
|
187
|
|
|
157
|
Total
assets
|
|
$
|
4,466
|
|
$
|
4,510
|
|
$
|
4,086
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Notes and loans
payable
|
|
$
|
618
|
|
$
|
523
|
|
$
|
131
|
|
Current maturities of
long-term debt
|
|
-
|
|
|
-
|
|
|
300
|
|
Accounts payable and
accrued liabilities
|
|
|
874
|
|
|
1,035
|
|
|
883
|
|
Income taxes
payable
|
|
|
30
|
|
|
-
|
|
|
37
|
|
|
Total current
liabilities
|
|
|
1,522
|
|
|
1,558
|
|
|
1,351
|
Long-term
debt*
|
|
|
1,789
|
|
|
1,789
|
|
|
1,787
|
Other
liabilities
|
|
|
783
|
|
|
784
|
|
|
741
|
Deferred income
taxes
|
|
|
83
|
|
|
82
|
|
|
88
|
Total
liabilities
|
|
|
4,177
|
|
|
4,213
|
|
|
3,967
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
159
|
|
|
159
|
|
|
159
|
Additional paid-in
capital
|
|
|
881
|
|
|
868
|
|
|
790
|
Retained
earnings
|
|
|
2,238
|
|
|
2,163
|
|
|
1,993
|
Treasury
shares
|
|
|
(2,422)
|
|
|
(2,323)
|
|
|
(2,282)
|
Accumulated other
comprehensive net losses
|
|
|
(567)
|
|
|
(570)
|
|
|
(541)
|
Stockholders'
equity
|
|
|
289
|
|
|
297
|
|
|
119
|
Total liabilities and
stockholders' equity
|
|
$
|
4,466
|
|
$
|
4,510
|
|
$
|
4,086
|
*In April 2015, the
FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt
Issuance Cost," which requires that debt issuance costs related to
a recognized debt liability be presented in the balance sheet as a
direct deduction from the carrying amount of that debt liability,
consistent with debt discounts. The Company adopted this
standard in the first quarter of fiscal year 2017 and
retrospectively applied the standard to all periods
presented.
|
The tables below present the reconciliation of non-GAAP
financial measures to the most directly comparable financial
measures calculated in accordance with GAAP and other supplemental
information. See "Non-GAAP Financial Information" above for further
information regarding the company's use of non-GAAP financial
measures.
The reconciliations below are on a continuing operations
basis
First-Quarter Sales Growth Reconciliation
|
Q1
Fiscal
2017
|
|
Q1
Fiscal
2016
|
|
|
|
|
Total Sales Growth
– GAAP
|
3.8%
|
|
2.8%
|
|
|
|
|
Less: Foreign
exchange
|
-1.9%
|
|
-2.8%
|
|
|
|
|
Currency Neutral
Sales Growth - non-GAAP
|
5.7%
|
|
5.6%
|
|
|
|
|
The reconciliations below for fiscal year 2016 are provided
as a reference point for the fiscal year 2017 outlook.
Fiscal Year EBIT Margin(1) Reconciliation
Dollar in millions
|
FY
Fiscal
2016
|
|
|
Earnings from
continuing operations
|
$983
|
before income
taxes – GAAP
|
|
|
|
Interest
Income
|
-5
|
Interest
Expense
|
88
|
|
|
EBIT
(1) – non-GAAP
|
$1,066
|
|
|
Net Sales
|
$5,761
|
EBIT
margin(1) – non-GAAP
|
18.5%
|
|
|
(1)
|
EBIT represents
earnings from continuing operations before interest and taxes. EBIT
margin is the ratio of EBIT to net sales.
|
For Gross Margin Drivers, please refer to the Supplemental
Information: Gross Margin Driver page in the Financial
Information: Quarterly Results section of the company's
website TheCloroxCompany.com.
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/clorox-reports-q1-fiscal-year-2017-results-including-strong-sales-growth-updates-fiscal-year-tax-rate-assumptions-for-eps-outlook-300355514.html
SOURCE The Clorox Company