NYSE$CLX
Clorox Co · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Clorox reported better-than-expected results in a challenging operating environment, reflecting brand strength and strong execution.
Clorox's Q1 2023 net sales decreased by 4% to $1.74 billion, with organic sales down 2%. Diluted EPS decreased by 40% to 68 cents, while adjusted EPS decreased by 23% to 93 cents. The company is maintaining its fiscal year 2023 outlook.
- Net sales decreased 4% to $1.74 billion.
- Diluted EPS decreased 40% to 68 cents.
- Adjusted EPS decreased 23% to 93 cents.
- Company is maintaining its fiscal year 2023 outlook.
Headline financials
Revenue & EPS history
Clorox · Revenue · Quarterly
$1.74B
Revenue by segment
Clorox · $1.03B total across 3 segments · Q1 2023
- Household$423M-4.3%41.1%
- Lifestyle$320M-3.3%31.1%
- International$285M-1.0%27.7%
Forward guidance
The company is confirming its fiscal year 2023 outlook with net sales from a 4% decrease to a 2% increase compared to the prior year (organic sales from a 3% decrease to a 3% increase) and adjusted EPS between $3.85 and $4.22.
Tailwinds
- Gross margin increase of about 200 basis points, primarily due to the combined benefit of pricing, cost savings and supply chain optimization, offset by continued cost inflation.
- Selling and administrative expenses between 15% and 16% of net sales, including about 1.5 points of impact from the company's strategic investments in digital capabilities and productivity enhancements.
- Advertising and sales promotion spending of about 10% of net sales, reflecting the company's ongoing commitment to invest in its brands.
- Effective tax rate of about 24%, with year-over-year increase primarily reflecting lower excess tax benefits from equity compensation.
- Adjusted EPS between $3.85 and $4.22, or a 6% decrease to a 3% increase, respectively.
Headwinds
- Net sales from a 4% decrease to a 2% increase compared to the prior year (organic sales from a 3% decrease to a 3% increase).
- Foreign exchange headwinds now represent about a 2-point reduction in sales from 1.5 points assumed in the prior outlook.
- Diluted EPS between $3.10 and $3.47, or a 17% to 7% decrease, respectively.
- Reflects continued normalization of demand in parts of the portfolio that saw the most significant surge over the last two years and progress rebuilding gross margin.
- Reflects the company's long-standing commitment to continue investing in its brands as well as a return to more normalized levels of incentive compensation and a higher effective tax rate.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.0%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+1.0%
Avg return
30 days after
55%
39 / 71 earnings
Positive
+9.5%
Q4 2023
Best reaction
-15.3%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | +0.5% | -6.7% | -6.6% | |
| Q2 2026 | +4.6% | +4.0% | -0.3% | |
| Q1 2026 | +1.1% | -1.6% | -3.7% | |
| Q3 2025 | -2.4% | -2.6% | -8.0% | |
| Q2 2025 | -7.2% | -7.1% | -7.1% | |
| Q1 2025 | +1.1% | +3.6% | +6.6% | |
| Q4 2024 | +9.2% | +8.6% | +20.0% | |
| Q3 2024 | -6.2% | -7.2% | -13.4% | |
| Q2 2024 | +7.6% | +6.6% | +4.7% | |
| Q1 2024 | +4.5% | +9.6% | +22.2% | |
| Q4 2023 | +9.5% | +7.9% | +2.3% | |
| Q3 2023 | +5.1% | +1.5% | -5.1% | |
| Q2 2023 | +7.2% | +5.0% | +7.9% | |
| Q1 2023 | -5.7% | -3.7% | +2.6% | |
| Q4 2022 | -4.2% | +0.5% | -0.7% | |
| Q3 2022 | +2.9% | +7.3% | -1.9% | |
| Q2 2022 | -15.3% | -14.2% | -13.3% | |
| Q1 2022 | +1.5% | +0.2% | +1.7% | |
| Q4 2021 | -8.6% | -10.3% | -6.2% | |
| Q3 2021 | -2.9% | -1.0% | -5.0% | |
| Q2 2021 | -6.5% | -8.4% | -9.9% | |
| Q1 2021 | +2.4% | +5.2% | -2.7% | |
| Q4 2020 | +0.5% | +0.4% | -5.4% | |
| Q3 2020 | +6.9% | +7.2% | +10.6% | |
| Q2 2020 | +6.1% | +6.7% | +12.8% | |
| Q1 2020 | -2.5% | -2.0% | -1.7% | |
| Q4 2019 | -3.5% | -5.1% | -2.7% | |
| Q3 2019 | -6.9% | -7.2% | -6.8% | |
| Q2 2019 | +1.9% | +3.9% | +4.7% | |
| Q1 2019 | +0.6% | +2.7% | +8.4% | |
| Q4 2018 | +6.6% | +5.5% | +8.1% | |
| Q3 2018 | +1.4% | +3.4% | +3.1% | |
| Q2 2018 | -9.5% | -8.9% | -6.7% | |
| Q1 2018 | +2.2% | +0.9% | +10.4% | |
| Q4 2017 | +1.9% | +2.0% | +4.6% | |
| Q3 2017 | +1.7% | +1.4% | +5.0% | |
| Q2 2017 | +2.9% | +5.7% | +13.9% | |
| Q1 2017 | -4.0% | -4.4% | -4.6% | |
| Q4 2016 | +2.8% | +1.4% | +1.3% | |
| Q3 2016 | +1.8% | — | — | |
| Q2 2016 | -5.1% | — | — | |
| Q1 2016 | +2.2% | — | — | |
| Q4 2015 | +4.4% | — | — | |
| Q3 2015 | +0.4% | — | — | |
| Q2 2015 | +0.3% | — | — | |
| Q1 2015 | +1.2% | — | — | |
| Q4 2014 | -0.6% | — | — | |
| Q3 2014 | -1.2% | — | — | |
| Q2 2014 | -2.1% | — | — | |
| Q1 2014 | -0.6% | — | — | |
| Q4 2013 | -0.7% | — | — | |
| Q3 2013 | -0.5% | — | — | |
| Q2 2013 | +1.0% | — | — | |
| Q1 2013 | +1.0% | — | — | |
| Q4 2012 | -0.6% | — | — | |
| Q3 2012 | -4.3% | — | — | |
| Q2 2012 | +1.0% | — | — | |
| Q1 2012 | -2.9% | — | — | |
| Q4 2011 | +4.1% | — | — | |
| Q3 2011 | +1.4% | — | — | |
| Q2 2011 | +1.3% | — | — | |
| Q1 2011 | -2.2% | — | — | |
| Q4 2010 | +0.4% | — | — | |
| Q4 2008 | +0.4% | — | — | |
| Q3 2010 | -1.5% | — | — | |
| Q3 2009 | -1.5% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q2 2009 | -0.1% | — | — | |
| Q1 2009 | -0.9% | — | — | |
| Q4 2009 | -0.9% | — | — | |
| Q1 2010 | -0.9% | — | — |
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