Nov 3 (Reuters) - Clorox beat market
expectations for first-quarter sales and profit on Monday,
helped by strong demand for its cleaning products.
The Pine-Sol parent posted an adjusted profit of 85 cents
per share, compared with estimates of 79 cents, according to
data compiled by LSEG.
Revenue fell 19% to $1.43 billion, topping estimates of
$1.40 billion. The firm had warned of lower shipments in the
reported quarter as retailers pulled forward inventory stocking
ahead of the company's system upgrade.
The results reinforce the trend of customers focusing on
essentials amid uncertain economic conditions as reflected in
strong results from Procter & Gamble ( PG ) and Kimberly-Clark ( KMB )
.
Clorox stuck to its annual forecast of a 6% to 10% drop in
sales and adjusted profit of between $5.95 and $6.30 per share.