clorox company (CLX) Key Developments
The Clorox Company Signs Multiyear Partnership with Soccer United Marketing
Feb 27 14
The Clorox Company has reached an agreement with Soccer United Marketing (SUM), the commercial arm of Major League Soccer, making it an official partner of the U.S. Soccer Federation and the Federacion Mexicana de Futbol (FMF - also known as the Mexican National Team). Under the terms of the agreement with SUM, Clorox will support the U.S. Men's and Women's National Teams through sales and marketing efforts highlighting the company's Clorox(R), Kingsford(R), Hidden Valley(R) and Glad(R) brands. It will support the Mexican Men's Team in the United States through similar efforts involving the Clorox(R), Kingsford(R) and Glad(R) brands. The partnership involves sales and marketing efforts along with in-store support from major retailers. Activities under way this year include TV ads for Kingsford(R) charcoal and Glad(R) trash bags; custom packaging; a consumer sweepstakes for a chance to win up to $25,000; and in-store ads, coupon offers and messaging at point of sale.
The Clorox Company Declares Quarterly Dividend, Payable May 9, 2014
Feb 12 14
The Clorox Company announced that its board of directors declared a quarterly dividend of 71 cents per share on the company's common stock, payable May 9, 2014, to stockholders of record as of the close of business on April 23, 2014.
The Clorox Company Reports Unaudited Consolidated Financial Results for the Second Quarter and Half Year Ended December 31, 2013; Revises Financial Guidance for the Fiscal Year 2014
Feb 4 14
The Clorox Company reported unaudited consolidated financial results for the second quarter and half year ended December 31, 2013. For the quarter, net sales were $1,330 million against $1,325 million a year ago. Earnings from continuing operations before income taxes were $181 million against $188 million a year ago. Earnings from continuing operations were $116 million or $0.88 per diluted share against $123 million or $0.93 per diluted share a year ago. Net earnings were $115 million or $0.87 per diluted share against $123 million or $0.93 per diluted share a year ago.
For the half year, net sales were $2,694 million against $2,663 million a year ago. Earnings from continuing operations before income taxes were $389 million against $382 million a year ago. Earnings from continuing operations were $253 million or $1.92 per diluted share against $256 million or $1.94 per diluted share a year ago. Net earnings were $251 million or $1.90 per diluted share against $256 million or $1.94 per diluted share a year ago. Year-to-date net cash provided by continuing operations was $212 million, compared with $325 million in the year-ago period. Contributing factors to the year-over-year change include higher tax payments of $67 million and the company's funding of liabilities under certain nonqualified deferred compensation plans of $26 million. Year-to-date free cash flow was $149 million versus $223 million in the same period a year ago.
The company now anticipates sales growth for fiscal 2014 to be in the range of 1% to 2%, reflecting a greater impact from unfavorable foreign currencies in Argentina and other countries, which are now expected to negatively affect fiscal year sales by more than 2 percentage points. This range reflects up to 3 percentage points of negative impact from foreign currency declines in the second half of the fiscal year. On a currency-neutral basis, the company's fiscal year sales outlook is about 3% to 4% growth. The company continues to anticipate EBIT margin to be in the range of flat to up 25 basis points, driven by lower selling and administrative expense as a percentage of sales, partially offset by higher commodity costs, which are expected to negatively impact margins by more than 100 basis points, as well as continued inflation in some international markets. The company continues to anticipate offsetting these factors by delivering cost savings of about 150 basis points. The company continues to anticipate an effective tax rate of about 34% for fiscal 2014. Net of all these factors, the company now anticipates fiscal 2014 diluted EPS from continuing operations in the range of $4.40 to $4.55. This 5 cents reduction against the previous outlook reflects the company's new foreign currency assumption primarily for Argentina. The company continues to anticipate free cash flow to be about 10% of sales for the fiscal year 2014.
Clorox Mulls Acquisitions
Feb 4 14
The Clorox Company (NYSE:CLX) is looking for acquisitions. Chairman and Chief Executive Officer, Don Knauss said, “We have a pretty robust pipeline, targets, companies we're interested in. Keep in mind, many of these are smaller bolt-on acquisitions that are held by families and others, and we're going to continue to work the pipeline. We haven't had anything, as you say, in the last year or so after we completed Aplicare and HealthLink, but we have money to spend. We're actively looking for deals, and we think, over the next couple of years, we ought to be able to get some more bolt-on acquisitions, but it takes times to work these.”
The Clorox Company Presents at Consumer Conference, Mar-05-2014
Jan 24 14
The Clorox Company Presents at Consumer Conference, Mar-05-2014 . Venue: Renaissance Seattle Hotel, 515 Madison St, Seattle, WA 98104, Washington, United States. Speakers: Stephen M. Robb, Chief Financial Officer and Senior Vice President, Steve Austenfeld, Vice President , Investor Relations.