On February 03, The Clorox Co. (CLX) declared its financial results for fiscal Q2 2022 along with a revised outlook. Consequently, the stock took a major hit in the premarket on Friday.
In the previous trading session, the stock was slightly down by 0.99% at the closing price of $165.34. Following the announcement, the stock declined by 12.10% in the premarket to lose $20.00. Hence, CLX was trading at $145.34 in the premarket, at the time of writing.
The consumer and professional products manufacturer, The Clorox Co. was founded in 1913. Currently, its 122.86 million outstanding shares trade at a market capitalization of $20.52 billion. CLX stock stands at a year-to-date loss of 5.17% while it lost 13.73% last year.
CLX’s Fiscal Q2 2022
The company’s fiscal Q2 2022 ended on December 31, 2021.
In the fiscal Q2 2022, the company’s net sales went down by 8% year over year to $1.7 billion. This compares to a growth of 27% in the year-ago quarter.
Moreover, CLX reported a gross margin decline of 1240 basis points in fiscal Q2 2022. Hence, the gross margin was 33% in the quarter against 45% in the year-ago period.
Furthermore, the diluted EPS in fiscal Q2 2022 was $0.56 against $2.03 in the year-ago period. Thus, marking a decrease of 72% year over year. Additionally, the adjusted EPS was $0.66 with a decrease of 67% year over year.
The company also reported a 65% decline in year-to-date net cash from operations to $222 million in the quarter.
Fiscal 2022 Outlook
For fiscal 2022, the company expects a decline of 1% to 4% in net sales and 750 basis points in gross margin.
CLX also expects adjusted EPS to decline by 41% – 38% to $4.25-4.50 for fiscal 2022.
CLX Rising Stars
On January 28, NBA introduced a new format for the 2022 Clorox Rising Stars. Clorox Rising Stars will be played as a part of NBA All-Star 2022, on February 18, in Cleveland.
Four seven-played teams will compete in a mini-tournament of three games, played to a final target score.
The annual showcase of premier young talent will be televised by TNT at 9:00 PM ET.
Other Developments
On December 02, 2021, the company’s CFO Kevin Jacobsen participated in the Morgan Stanley Global Consumer & Retail Conference.
On November 16, CLX declared a quarterly dividend of $1.16/common share with a record date of January 26, 2022. The dividend is payable by February 11, 2022.
