Published: February 1, 2024 at 6:01 PM ET
Clorox Co. shares rose 6.7% in after-hours trading Thursday as the bleach and cleaning products maker recovered from a massive disruption caused by a cybersecurity attack last year.
The company reported second-quarter sales of $1.99 billion, an increase of 16% from $1.715 billion in the same period last year. Clorox CLX said the increase was primarily due to higher volumes as the company rebuilt customer inventory following a cybersecurity attack, and partially due to a favorable pricing structure. Ta.
Clorox Co. shares rose 6.7% in after-hours trading Thursday as the bleach and cleaning products maker recovered from a massive disruption caused by a cybersecurity attack last year.
The company reported second-quarter sales of $1.99 billion, an increase of 16% from $1.715 billion in the same period last year.clorox
CLX
According to the company, this increase was primarily driven by higher sales volumes as the company rebuilt customer inventory following the cybersecurity attack, as well as a favorable pricing structure partially offset by unfavorable exchange rates. said.
The company lowered its outlook last year following the August 2023 cybersecurity attack.
But on Thursday, Clorox announced that its recovery plan is ahead of schedule. “Our second quarter results reflect the strong execution of our recovery plan from the August cyberattack,” CEO Linda Lendl said in a statement. “We are rebuilding retailer inventory ahead of schedule, which will allow us to get back to merchandising and restore distribution.”
Clorox’s net income was $93 million, or 75 cents per share, compared with $99 million, or 80 cents per share, in the year-ago period. After adjustment, Clorox earned him $2.16 per share. Analysts polled by FactSet expected adjusted earnings per share of $1.09 and revenue of $1.8 billion.
The company also updated its full-year outlook, now expecting sales to decline by a low-single-digit percentage, compared to previous expectations for mid- to high-single-digit net sales. Clorox said this reflects the progress the company made in the second quarter and higher expectations for the second half of the fiscal year, partially offset by a 5-point unfavorable exchange rate, primarily due to the devaluation of the Argentine peso. said.
Related: Clorox expects August cybersecurity attack to have ‘material’ impact on first-quarter results
Full-year earnings are now expected to be between $3.06 and $3.26 per share, compared to the company’s previous expectation of between $2.10 and $2.60. Full-year adjusted earnings are expected to be in the range of $5.30 to $5.50, up from previous expectations of $4.30 to $4.80. Analysts surveyed by FactSet expect full-year adjusted earnings per share of $4.60.
Clorox stock has increased 5% over the past 52 weeks, compared to the S&P 500 index’s SPX gain of 17.4%.