OAKLAND,
Calif., Apr. 30, 2024 /PRNewswire/ --
The Clorox Company (NYSE: CLX) today reported results for the
third quarter of fiscal year 2024, which ended Mar. 31, 2024.
Third-Quarter Fiscal Year 2024 Summary
Following is a summary of key results for the third quarter,
which reflect continued operational recovery from the previously
announced cyberattack. Third-quarter results reflect the
March 20, 2024 divestiture of the
company's Argentina business and
all comparisons are with the third quarter of fiscal year 2023
unless otherwise stated.
- Net sales decreased 5% to $1.81
billion compared to a 6% net sales increase in the year-ago
quarter. The decrease was driven largely by lower volume from
temporary distribution losses resulting from the widescale
disruptions caused by the cyberattack as well as unfavorable
foreign exchange rates, partially offset by favorable price mix.
Organic sales1 were up 2%.
- Gross margin increased 40 basis points to 42.2% from
41.8% in the year-ago quarter, primarily driven by the benefit of
pricing and cost savings, partially offset by higher manufacturing
and logistics costs, unfavorable foreign exchange rates and higher
trade promotion spending.
- Diluted net earnings per share (diluted EPS) increased
76% to a loss of $0.41 from a loss of
$1.71 in the year-ago quarter. The
increase was mainly due to the lapping of a noncash impairment
charge in the Vitamins, Minerals and Supplements business from the
year-ago period ($2.92), partially
offset by the loss relating to the divestiture of the Argentina business ($1.85), continued investments in the company's
long-term strategic digital capabilities and productivity
enhancements (16 cents), charges
relating to implementation of the streamlined operating model
(6 cents) as well as incremental
expenses resulting from the cyberattack (5
cents).
- Adjusted EPS1 increased 13% to
$1.71 from $1.51 in the year-ago quarter, primarily due to
the benefits of pricing and cost savings, partially offset by
unfavorable foreign exchange rates, higher manufacturing and
logistics costs and lower volume.
- Year-to-date net cash provided by operations was
$355 million compared to $728 million in the year-ago period, representing
a 51% decrease.
"During the quarter, we made significant progress on our
long-term strategies to drive profitable growth while also
continuing to recover from the cyberattack. We executed well
against our IGNITE strategy by evolving our portfolio with the
divestiture of the Argentina
business, launching innovation, investing in our brands, and
delivering another quarter of gross margin expansion," said Chair
and CEO Linda Rendle. "While we
experienced short-term cyberattack-related supply constraints in a
few areas, which impacted sales, we expect to fully restore lost
distribution by the end of the fourth quarter. We are on track to
exit fiscal year 2024 with strong fundamentals and the right
investments and plans in place to deliver against our strategic and
financial objectives to enhance long-term shareholder value."
This press release includes certain non-GAAP financial
measures. See "Non-GAAP Financial Information" at the end of this
press release for more details.
Strategic and Operational Highlights
The following are recent highlights of business and
environmental, social and governance achievements:
- Returned to normalized service levels by the end of the third
quarter, enabling the company to unlock merchandising and restore
distribution in the fourth quarter.
- Achieved the sixth consecutive quarter of gross margin
expansion, supported by cost-justified pricing in International and
cost savings, and are on track to fully rebuild margin over
time.
- Made continued progress in restoring market share, with nearly
90% of cyberattack-related share losses now recovered.
- Completed the divestiture of the Argentina business in support of the company's
goal to evolve its portfolio to reduce volatility and deliver more
consistent, profitable growth.
- Continued to implement its streamlined operating model, which
is on track to be completed by the end of fiscal year 2024.
- Achieved its IGNITE strategy goal to know 100 million consumers
and improve marketing return on investment ahead of fiscal year
2025 schedule.
- Introduced product innovations including seven new Hidden
Valley Ranch flavors, a new lineup of Pine-Sol concentrated
multi-surface cleaners, and new Scentiva Disinfecting Mist and
Toilet Bowl Cleaning Gel.
- Ranked No. 1 on Barron's list of 100 Most Sustainable
Companies for the second consecutive year, named by Fortune
as One of America's Most Innovative Companies, and listed as One of
The Most Trustworthy Companies in America by Newsweek.
Key Segment Results
The following is a summary of key third-quarter results by
reportable segment. Third-quarter results reflect the March 20, 2024 divestiture of the company's
Argentina business and all
comparisons are with the third quarter of fiscal year 2023 unless
otherwise stated. Prior periods presented have been recast to
reflect the reportable segment changes effective in the fourth
quarter of fiscal year 2023.
Health and Wellness (Cleaning; Professional Products)
- Net sales decreased 6%, driven by 4 points of lower volume and
2 points of unfavorable price mix.
- Cleaning sales decreased, driven primarily by temporary
distribution losses caused by the cyberattack.
- Professional Products sales increased, driven primarily by
shipments to rebuild customer inventory levels.
- Segment adjusted EBIT2 decreased 4%, primarily
behind lower net sales, partially offset by lower selling and
administrative expenses and cost savings.
Household (Bags and Wraps; Cat Litter; Grilling)
- Net sales decreased 4%, driven by 3 points of lower volume and
1 point of unfavorable price mix.
- Bags and Wraps sales decreased, driven primarily by temporary
distribution losses and supply chain constraints caused by the
cyberattack.
- Cat Litter sales decreased, driven primarily by supply chain
constraints which led to lower merchandising and consumption.
- Grilling sales increased, driven primarily by increased
consumption supported by strong early season merchandising.
- Segment adjusted EBIT decreased 25%, primarily due to lower net
sales and increased advertising costs.
Lifestyle (Food; Natural Personal Care; Water Filtration)
- Net sales decreased 11%, driven by 9 points of lower volume and
2 points of unfavorable price mix.
- Food sales decreased, driven primarily by lower shipments due
to temporary supply chain constraints, partially offset by the
launch of new product innovations.
- Natural Personal Care sales decreased, driven primarily by
increased competitive activity and distribution losses mainly in
the non-core portion of the portfolio, as well as supply chain
constraints.
- Water Filtration sales decreased, primarily due to lapping
strong prior-year merchandising activities.
- Segment adjusted EBIT decreased 23%, due to lower net sales and
higher manufacturing and logistics costs, partially offset by
favorable commodity costs.
International (Sales Outside the U.S.)
- Net sales increased 2%, with 45 points of favorable price mix
and 1 point of higher volume more than offsetting 44 points of
unfavorable foreign exchange rates. Organic sales grew 48%.
- Segment adjusted EBIT increased 41%, due to net sales growth
behind pricing partially offset by unfavorable foreign exchange
rates, higher manufacturing and logistics costs and unfavorable
commodity costs.
Divestiture of Argentina Business
As previously disclosed, on March 20,
2024, the company completed the divestiture of its
Argentina business, which
consisted of its production plants in Argentina as well as the rights to the
company's brands in Argentina,
Uruguay and Paraguay. The transaction is in support of the
company's IGNITE strategy and the commitment to evolve its
portfolio to increase focus on its core business to drive more
consistent, profitable growth. As a result of this transaction, the
company recorded a one-time pretax charge of $240 million ($231
million after tax) during the third quarter, primarily due
to the noncash impact of the release of cumulative currency
translation losses related to these entities.
Fiscal Year 2024 Outlook
- The company continues to expect net sales to be down low single
digits. However, it is now expected to be at the low end of the
range, reflecting the impact of the divestiture of the business in
Argentina as well as third quarter
results. The sales outlook now assumes 3 points of unfavorable
foreign exchange rates, versus the previous assumption of 5 points,
driven primarily by the divestiture of the Argentina business. Organic sales are still
expected to be up low single digits, but also at the low end of the
range.
- Gross margin is now expected to be up about 275 basis points,
reflecting the benefit of lower input cost headwinds and the modest
benefit from exiting Argentina. It
continues to reflect the combined benefit of pricing actions, cost
savings and supply chain optimization, partially offset by supply
chain inflation and the impact from the cyberattack. This compares
to the previous expectation of about up 200 basis points.
- Selling and administrative expenses continue to be expected to
be between 16% to 17% of net sales, including about 2.5 points of
impact related to investments to enhance the company's digital
capabilities, implementation of the streamlined operating model and
expenses resulting from the cyberattack.
- Advertising and sales promotion spending is now expected to be
higher than 11% of net sales, mainly reflecting the impact of lower
sales in the third quarter as well as the exit from Argentina. This compares to the previous
expectation of about 11%.
- The company's effective tax rate is now expected to be about
31%, compared to the previous expectation of about 22% to 23%. This
increase is primarily driven by the divestiture of the Argentina business.
- Net of these factors, fiscal year diluted EPS is now expected
to be between $1.66 and $1.81, or an increase of 38% to 51%,
respectively. This compares to previous expectations between
$3.06 and $3.26, or an increase of 155% to 172%,
respectively, and includes the lapping of a noncash impairment
charge in the Vitamins, Minerals and Supplements business. Adjusted
EPS is now expected to be between $5.80 and $5.95, or
an increase of 14% to 17%. This compares to previous expectations
of between $5.30 and $5.50, or an increase of 4% to 8%, respectively.
The adjusted EPS outlook excludes the long-term strategic
investments in digital capabilities and productivity enhancements,
which continue to be estimated at about 70
cents; charges related to the streamlined operating model of
about 20 cents; and incremental
charges resulting from the cyberattack of about 35 cents. It also excludes a noncash charge of
$1.04 related to settlement of the
company's domestic qualified pension plan and a $1.85 primarily noncash charge related to the
divestiture of the Argentina
business.
____________________
|
1Organic sales growth / (decrease)
and adjusted EPS are non-GAAP measures. See Non-GAAP Financial
Information at the end of this press release for reconciliations to
the most comparable GAAP measures.
|
2
Adjusted EBIT is a non-GAAP measure. See Non-GAAP Financial
Information at the end of this press release for reconciliations to
the most comparable GAAP measures.
|
Clorox Earnings Conference Call Schedule
At approximately 4:15 p.m. ET
today, Clorox will post prepared management remarks regarding its
third-quarter fiscal year 2024 results.
At 5 p.m. ET today, the company
will host a live Q&A audio webcast with Chair and CEO
Linda Rendle and Chief Financial
Officer Kevin Jacobsen to discuss
the results.
Links to the live (and archived) webcast, press release and
prepared remarks can be found at Clorox Quarterly Results.
For More Detailed Financial Information
Visit the company's Quarterly Results for the
following:
- Supplemental unaudited volume and sales growth information
- Supplemental unaudited gross margin drivers information
- Supplemental unaudited cash flow information and free cash flow
reconciliation
- Supplemental unaudited reconciliation of earnings (losses)
before interest and taxes (EBIT) and adjusted EBIT
- Supplemental unaudited reconciliation of adjusted earnings
(losses) per share (EPS) and adjusted effective tax rate (ETR)
Note: Percentage and basis-point, or point, changes noted in
this press release are calculated based on rounded
numbers, except for per-share data and the effective tax
rate.
About The Clorox Company
The Clorox Company (NYSE: CLX) champions people to be well and
thrive every single day. Its trusted brands, which include Brita®,
Burt's Bees®, Clorox®, Fresh Step®, Glad®, Hidden Valley®,
Kingsford®, Liquid-Plumr®, Pine-Sol® and Natural Vitality®, can be
found in about nine of 10 U.S. homes and internationally with
brands such as Clorinda®, Chux® and Poett®. Headquartered in
Oakland, California, since 1913,
Clorox was one of the first U.S. companies to integrate ESG into
its business reporting. In 2024 the company was ranked No. 1 on
Barron's 100 Most Sustainable Companies list for the second
consecutive year. Visit thecloroxcompany.com to learn more.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, among others, statements regarding the expected
or potential impact of the company's operational disruption
stemming from a cyberattack, and any such forward-looking
statements involve risks, assumptions and uncertainties. Except for
historical information, statements about future volumes, sales,
organic sales growth, foreign currencies, costs, cost savings,
margins, earnings, earnings per share, diluted earnings per share,
foreign currency exchange rates, tax rates, cash flows, plans,
objectives, expectations, growth or profitability are
forward-looking statements based on management's estimates,
beliefs, assumptions and projections. Words such as "could," "may,"
"expects," "anticipates," "targets," "goals," "projects,"
"intends," "plans," "believes," "seeks," "estimates," "will,"
"predicts," and variations on such words, and similar expressions
that reflect our current views with respect to future events and
operational, economic and financial performance are intended to
identify such forward-looking statements. These forward-looking
statements are only predictions, subject to risks and
uncertainties, and actual results could differ materially from
those discussed. Important factors that could affect performance
and cause results to differ materially from management's
expectations, are described in the sections entitled "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in the company's Annual Report on Form
10-K for the fiscal year ended June 30,
2023, and in the company's Quarterly Report on Form 10-Q for
the fiscal quarter ended September 30,
2023, and as updated from time to time in the company's
Securities and Exchange Commission filings. These factors include,
but are not limited to: our recovery from the cyberattack,
unfavorable general economic and geopolitical conditions beyond our
control, including supply chain disruptions, labor shortages, wage
pressures, rising inflation, the interest rate environment, fuel
and energy costs, foreign currency exchange rate fluctuations,
weather events or natural disasters, disease outbreaks or
pandemics, such as COVID-19, terrorism, and unstable geopolitical
conditions, including ongoing conflicts in the Middle East and Ukraine and rising tensions between
China and Taiwan, as well as macroeconomic and
geopolitical volatility and uncertainty as a result of a number of
these and other factors, including actual and potential shifts
between the U.S. and its trading partners, especially China; volatility and increases in the costs
of raw materials, energy, transportation, labor and other necessary
supplies or services; the impact of the changing retail
environment, including the growth of alternative retail channels
and business models, and changing consumer preferences; the ability
of the company to drive sales growth, increase prices and market
share, grow its product categories and manage favorable product and
geographic mix; risks related to supply chain issues, product
shortages and disruptions to the business, as a result of increased
supply chain dependencies due to an expanded supplier network and a
reliance on certain single-source suppliers; intense competition in
the company's markets; risks related to the company's use of and
reliance on information technology systems, including potential and
actual security breaches, cyberattacks, privacy breaches or data
breaches that result in the unauthorized disclosure of consumer,
customer, employee or company information, business, service or
operational disruptions, or that impact the company's financial
results or financial reporting, or any resulting unfavorable
outcomes, increased costs or legal proceedings; the ability
of the company to implement and generate cost savings and
efficiencies, and successfully implement its transformational
initiatives or strategies, including achieving anticipated benefits
and cost savings from the implementation of the streamlined
operating model and digital capabilities and productivity
enhancements; dependence on key customers and risks related to
customer consolidation and ordering patterns; the company's ability
to attract and retain key personnel, which may continue to be
impacted by challenges in the labor market, such as wage inflation
and sustained labor shortages; the company's ability to maintain
its business reputation and the reputation of its brands and
products; lower revenue, increased costs or reputational harm
resulting from government actions and compliance with regulations,
or any material costs imposed by changes in regulation; changes to
our processes and procedures as a result of our digital
capabilities and productivity enhancements investment that may
result in changes to the company's internal controls over financial
reporting; the ability of the company to successfully manage global
political, legal, tax and regulatory risks, including changes in
regulatory or administrative activity; risks related to
international operations and international trade, including
changing macroeconomic conditions as a result of inflation,
volatile commodity prices and increases in raw and packaging
materials prices, labor, energy and logistics; global economic or
political instability; foreign currency fluctuations, such as
devaluations, and foreign currency exchange rate controls; changes
in governmental policies, including trade, travel or immigration
restrictions, new or additional tariffs, and price or other
controls; labor claims and civil unrest; potential operational or
supply chain disruptions from wars and military conflicts,
including ongoing conflicts in the Middle
East and Ukraine and rising
tensions between China and
Taiwan; impact of the United Kingdom's exit from the European Union;
potential negative impact and liabilities from the use, storage and
transportation of chlorine in certain international markets where
chlorine is used in the production of bleach; widespread health
emergencies, such as COVID-19; and the possibility of
nationalization, expropriation of assets or other government
action; the impact of Environmental, Social, and Governance (ESG)
issues, including those related to climate change and
sustainability on our sales, operating costs or reputation; the
ability of the company to innovate and to develop and introduce
commercially successful products, or expand into adjacent
categories and countries; the impact of product liability claims,
labor claims and other legal, governmental or tax proceedings,
including in foreign jurisdictions and in connection with any
product recalls; the COVID-19 pandemic and related impacts,
including on the availability of, and efficiency of the supply,
manufacturing and distribution systems for, the company's products,
including any significant disruption to such systems; on the demand
for and sales of the company's products; and on worldwide, regional
and local adverse economic conditions; risks relating to
acquisitions, new ventures and divestitures, and associated costs,
including for asset impairment charges related to, among others,
intangible assets, including trademarks and goodwill, in particular
the impairment charges related to the carrying value of the
company's Vitamins, Minerals and Supplements business and the
divestiture of and related loss on sale from our operations in
Argentina; and the ability to
complete announced transactions and, if completed, integration
costs and potential contingent liabilities related to those
transactions; the accuracy of the company's estimates and
assumptions on which its financial projections, including any sales
or earnings guidance or outlook it may provide from time to time,
are based; risks related to increases in the estimated fair value
of The Procter & Gamble Company's interest in the
Glad business; environmental matters, including costs associated
with the remediation and monitoring of past contamination, and
possible increases in costs resulting from actions by relevant
regulators, and the handling and/or transportation of hazardous
substances; the company's ability to effectively utilize,
assert and defend its intellectual property rights, and any
infringement or claimed infringement by the company of third-party
intellectual property rights; the performance of strategic
alliances and other business relationships; the effect of the
company's indebtedness and credit rating on its business operations
and financial results and the company's ability to access capital
markets and other funding sources, as well as the cost of capital
to the company; the company's ability to pay and declare dividends
or repurchase its stock in the future; the impacts of potential
stockholder activism; and risks related to any litigation
associated with the exclusive forum provision in the company's
bylaws.
The company's forward-looking statements in this press release
are based on management's current views, beliefs, assumptions and
expectations regarding future events and speak only as of the date
of this press release. The company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by the federal securities laws.
Non-GAAP Financial Information
- This press release contains non-GAAP financial information
related to organic sales growth / (decrease), adjusted EPS,
adjusted effective tax rate ("adjusted ETR") and segment adjusted
EBIT for the third quarter of fiscal year 2024, as well as adjusted
EPS outlook and adjusted ETR outlook for fiscal year 2024.
- Clorox defines organic sales growth / (decrease) as GAAP net
sales growth / (decrease) excluding the effect of foreign exchange
rate changes and any acquisitions or divestitures.
- Management believes that the presentation of organic sales
growth / (decrease) is useful to investors because it excludes
sales from any acquisitions and divestitures, which results in a
comparison of sales only from the businesses that the company was
operating and expects to continue to operate throughout the
relevant periods, and the company's estimate of the impact of
foreign exchange rate changes, which are difficult to predict and
out of the control of the company and management. However, organic
sales growth / (decrease) may not be the same as similar measures
provided by other companies due to potential differences in methods
of calculation or differences in which items are incorporated into
these adjustments.
- Adjusted EPS is defined as diluted earnings per share that
excludes or has otherwise been adjusted for significant items that
are nonrecurring or unusual. The income tax effect on non-GAAP
items is calculated based upon the tax laws and statutory income
tax rates applicable in the tax jurisdiction(s) of the underlying
non-GAAP adjustment.
- Adjusted ETR is defined as the effective tax rate that excludes
or that has otherwise been adjusted for significant items that are
nonrecurring or unusual.
- Adjusted EPS and adjusted ETR are supplemental information that
management uses to help evaluate the company's historical and
prospective financial performance on a consistent basis over time.
Management believes that by adjusting for certain items affecting
comparability of performance over time, such as the pension
settlement charge, incremental costs related to the cyberattack,
asset impairments, charges related to the streamlined operating
model, charges related to the digital capabilities and productivity
enhancements investment, significant losses/(gains) related to
acquisitions / divestitures and other nonrecurring or unusual
items, investors and management are able to gain additional insight
into the company's underlying operating performance on a consistent
basis over time. However, adjusted EPS and adjusted ETR may not be
the same as similar measures provided by other companies due to
potential differences in methods of calculation or differences in
which items are incorporated into these adjustments.
- Adjusted EBIT represents earnings (losses) before income taxes
excluding interest income, interest expense and other significant
items that are nonrecurring or unusual (such as the pension
settlement charge, incremental costs related to the cyberattack,
asset impairments, charges related to the streamlined operating
model, charges related to the digital capabilities and productivity
enhancements investment, significant losses/(gains) related to
acquisitions / divestitures and other nonrecurring or unusual items
impacting comparability during the period. The company uses this
measure to assess the operating results and performance of its
segments, perform analytical comparisons, identify strategies to
improve performance, and allocate resources to each segment.
Management believes that the presentation of adjusted EBIT
excluding these items is useful to investors to assess operating
performance on a consistent basis by removing the impact of the
items that management believes do not directly reflect the
performance of each segment's underlying operations. However,
adjusted EBIT may not be the same as similar measures provided by
other companies due to potential differences in methods of
calculation or differences in which items are incorporated into
these adjustments.
- The reconciliation tables below refer to the equivalent GAAP
measures adjusted as applicable for the following items:
Divestiture of Argentina Business
In the third quarter of fiscal year 2024, the company completed
the divestiture of its Argentina
business, which consisted of its production plants in Argentina as well as the rights to the
company's brands in Argentina,
Uruguay and Paraguay. As a result of this transaction, the
company recorded a pretax charge of $240
million ($231 million after
tax), primarily due to the noncash impact of the release of
cumulative currency translation losses related to these
entities.
Due to the nature, scope and magnitude of these costs, the
company's management believes presenting these costs as an
adjustment in the non-GAAP results provides additional information
to investors about trends in the company's operations and is useful
for period over period comparisons. It also allows investors to
view underlying operating results in the same manner as they are
viewed by company management.
Pension Settlement Charge
In the second quarter of fiscal year 2024, the company settled
plan benefits related to its domestic qualified pension plan
through a combination of an annuity contract purchase with a
third-party insurance provider and lump sum payouts. These payments
were made using plan assets. In conjunction with this settlement, a
one-time noncash charge of $171
million ($130 million after
tax) was recorded.
Due to the nature, scope and magnitude of these costs, the
company's management believes presenting these costs as an
adjustment in the non-GAAP results provides additional information
to investors about trends in the company's operations and is useful
for period over period comparisons. It also allows investors to
view underlying operating results in the same manner as they are
viewed by company management.
Cyberattack Costs
As previously disclosed, incremental costs were incurred by the
company as the result of a cyberattack. These costs relate
primarily to third-party consulting services, including IT recovery
and forensic experts and other professional services incurred to
investigate and remediate the attack, as well as incremental
operating costs from the resulting disruption to the company's
business operations.
In the three and nine months ended Mar.
31, 2024, the company has not recognized any insurance
proceeds related to the cyberattack. The timing of recognizing
insurance recoveries may differ from the timing of recognizing the
associated expenses. Costs associated with ongoing cybersecurity
monitoring and prevention as well as enhancement to the company's
cybersecurity program are not included within this adjustment. The
company expects to incur lessening costs related to the cyberattack
in future periods.
Due to the nature, scope and magnitude of these costs, the
company's management believes presenting these costs as an
adjustment in the non-GAAP results provides additional information
to investors about trends in the company's operations and is useful
for period over period comparisons. It also allows investors to
view underlying operating results in the same manner as they are
viewed by company management.
Streamlined Operating Model
In the first quarter of fiscal year 2023, Clorox began
recognizing costs related to a plan that involves streamlining its
operating model to meet its objectives of driving growth and
productivity. The streamlined operating model is expected to
enhance the company's ability to respond more quickly to changing
consumer behaviors and innovate faster. The company anticipates the
implementation of this new model will be completed in fiscal year
2024, with different phases occurring throughout the implementation
period.
Once fully implemented, the company expects cost savings of
approximately $75 million to
$100 million annually. The benefits
of the streamlined operating model are currently expected to
increase future cash flows as a result of cost savings that will be
generated primarily in the areas of selling and administration,
supply chain, marketing and research and development. The company
incurred $60 million of costs in
fiscal year 2023 and anticipates incurring approximately
$30 million to $40 million in fiscal year 2024 related to this
initiative. Related costs are primarily expected to include
employee-related costs to reduce certain staffing levels, such as
severance payments, as well as for consulting and other costs. Due
to the nonrecurring and unusual nature of these costs, the
company's management believes presenting these costs as an
adjustment in the non-GAAP results provides additional information
to investors about trends in the company's operations and is useful
for period over period comparisons. It also allows investors to
view underlying operating results in the same manner as they are
viewed by company management.
Digital Capabilities and Productivity Enhancements
Investment
As announced in August 2021, the
company plans to invest approximately $500
million over a five-year period in transformative
technologies and processes. This investment, which began in the
first quarter of fiscal year 2022, includes replacement of the
company's enterprise resource planning system and transitioning to
a cloud-based platform as well as the implementation of a suite of
other digital technologies. Together it is expected that these
implementations will generate efficiencies and transform the
company's operations in the areas of supply chain, digital
commerce, innovation, brand building and more over the long
term.
Of the total $500 million
investment, approximately 65% is expected to represent incremental
operating costs primarily recorded within selling and
administrative expenses to be adjusted from reported EPS for
purposes of disclosing adjusted EPS through fiscal year 2026. About
70% of these operating costs are expected to be related to the
implementation of the ERP, with the remaining costs primarily
related to the implementation of complementary technologies.
Due to the nature, scope and magnitude of this investment, these
costs are considered by management to represent incremental
transformational costs above the historical normal level of
spending for information technology to support operations. Since
these strategic investments, including incremental operating costs,
will cease at the end of the investment period, are not expected to
recur in the foreseeable future and are not considered
representative of the company's underlying operating performance,
the company's management believes presenting these costs as an
adjustment in the non-GAAP results provides additional information
to investors about trends in the company's operations and is useful
for period-over-period comparisons. It also allows investors to
view underlying operating results in the same manner as they are
viewed by company management.
The following table provides reconciliation of organic sales
growth / (decrease) (non-GAAP) to net sales growth / (decrease),
the most comparable GAAP measure:
|
Three months ended
Mar. 31, 2024
|
|
Percentage change
versus the year-ago period
|
|
Health and
Wellness
|
|
Household
|
|
Lifestyle
|
|
International
|
|
Total
Company (1)
|
Net sales growth /
(decrease) (GAAP)
|
(6) %
|
|
(4) %
|
|
(11) %
|
|
2 %
|
|
(5) %
|
Add: Foreign
exchange
|
—
|
|
—
|
|
—
|
|
44
|
|
7
|
Add/(Subtract):
Divestitures/acquisitions (2)
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
Organic sales growth /
(decrease) (non-GAAP)
|
(6) %
|
|
(4) %
|
|
(11) %
|
|
48 %
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
Mar. 31, 2024
|
|
Percentage change
versus the year-ago period
|
|
Health and
Wellness
|
|
Household
|
|
Lifestyle
|
|
International
|
|
Total
Company (1)
|
Net sales growth /
(decrease) (GAAP)
|
(3) %
|
|
(6) %
|
|
(6) %
|
|
2 %
|
|
(3) %
|
Add: Foreign
Exchange
|
—
|
|
—
|
|
—
|
|
27
|
|
4
|
Add/(Subtract):
Divestitures/acquisitions (2)
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
Organic sales growth /
(decrease) (non-GAAP)
|
(3) %
|
|
(6) %
|
|
(6) %
|
|
30 %
|
|
1 %
|
|
|
(1)
|
Total Company includes
Corporate and Other.
|
(2)
|
The Argentina
divestiture impact is calculated as net sales from the Argentina
business after March 20, the divestiture date, until the end of the
three and nine month periods for the year-ago periods.
|
The following tables provide reconciliations of adjusted diluted
earnings (losses) per share (non-GAAP) to diluted earnings (losses)
per share, the most comparable GAAP measure:
Adjusted Diluted
Earnings (Losses) Per Share (EPS) and Adjusted Effective Tax Rate
(ETR)
|
|
|
|
|
|
(Dollars in millions
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(losses) per share
|
|
Effective tax
rate
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
|
|
|
3/31/2024
|
|
3/31/2023
|
|
%
Change
|
|
3/31/2024
|
|
3/31/2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
(GAAP)
|
|
$
(0.41)
|
|
$
(1.71)
|
|
76 %
|
|
(18.6) %
|
|
14.7 %
|
|
|
Loss on divestiture
(1)(2)
|
|
1.85
|
|
—
|
|
|
|
26.8 %
|
|
—
|
|
|
Cyberattack costs
(4)
|
|
0.05
|
|
—
|
|
|
|
0.5 %
|
|
—
|
|
|
VMS impairment
(5)(6)
|
|
—
|
|
2.92
|
|
|
|
— %
|
|
9.1 %
|
|
|
Streamlined operating
model (7)
|
|
0.06
|
|
0.13
|
|
|
|
0.6 %
|
|
—
|
|
|
Digital capabilities
and productivity enhancements investment (8)
|
|
0.16
|
|
0.17
|
|
|
|
1.8 %
|
|
—
|
|
|
As adjusted
(Non-GAAP)
|
|
$
1.71
|
|
$
1.51
|
|
13 %
|
|
11.1 %
|
|
23.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(losses) per share
|
|
Effective tax
rate
|
|
|
|
Nine months
ended
|
|
Nine months
ended
|
|
|
|
|
3/31/2024
|
|
3/31/2023
|
|
%
Change
|
|
3/31/2024
|
|
3/31/2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
(GAAP)
|
|
$
0.52
|
|
$
(0.22)
|
|
336 %
|
|
41.9 %
|
|
1,813.5 %
|
|
|
Loss on divestiture
(1)(2)
|
|
1.85
|
|
—
|
|
|
|
(25.3) %
|
|
—
|
|
|
Pension settlement
charge (3)
|
|
1.04
|
|
—
|
|
|
|
1.3 %
|
|
—
|
|
|
Cyberattack costs
(4)
|
|
0.35
|
|
—
|
|
|
|
0.6 %
|
|
—
|
|
|
VMS impairment
(5)(6)
|
|
—
|
|
2.92
|
|
|
|
—
|
|
(1,790.2) %
|
|
|
Streamlined operating
model (7)
|
|
0.08
|
|
0.27
|
|
|
|
0.2 %
|
|
—
|
|
|
Digital capabilities
and productivity enhancements investment (8)
|
|
0.52
|
|
0.45
|
|
|
|
1.4 %
|
|
0.1 %
|
|
|
As adjusted
(Non-GAAP)
|
|
$
4.36
|
|
$
3.42
|
|
27 %
|
|
20.1 %
|
|
23.4 %
|
|
|
|
(1)
|
During the three and
nine months ended Mar. 31, 2024, the company incurred approximately
$240 ($231 after tax) of costs related to the divestiture of the
Argentina business.
|
|
(2)
|
Includes the dilution
impact of the difference between the diluted weighted-average
shares used in calculating the diluted (losses) per share, as
reported to the diluted weighted-average shares used in calculating
the non-GAAP diluted earnings per share, as adjusted (124,892
shares).
|
|
(3)
|
During the nine months
ended Mar. 31, 2024, the company incurred approximately $171 ($130
after tax) of costs related to the settlement of the domestic
qualified pension plan.
|
|
(4)
|
During the three and
nine months ended Mar. 31, 2024, the company incurred approximately
$8 ($6 after tax) and $57 ($43 after tax), respectively, of costs
related to the cyberattack. These costs relate primarily to
third-party consulting services, including IT recovery and forensic
experts and other professional services incurred to investigate and
remediate the attack, as well as incremental operating costs from
the resulting disruption to the company's business
operations.
|
|
(5)
|
During the three and
nine months ended March 31, 2023, a noncash impairment charge for
goodwill and trademarks was recorded for $445 ($362 after tax)
related to the VMS business.
|
|
(6)
|
Includes the dilution
impact of the difference between the diluted weighted-average
shares used in calculating the diluted (losses) per share, as
reported to the diluted weighted-average shares used in calculating
the non-GAAP diluted earnings per share, as adjusted (124,183
shares and 124,027 shares, respectively).
|
|
(7)
|
During the three and
nine months ended Mar. 31, 2024, the company incurred $10 ($7 after
tax) and $13 ($10 after tax), respectively, and during the three
and nine months ended Mar. 31, 2023, the company incurred
approximately $21 ($17 after tax) and $44 ($34 after tax),
respectively, of restructuring and related costs, net related to
implementation of the streamlined operating model.
|
|
(8)
|
During the three and
nine months ended Mar. 31, 2024, the company incurred approximately
$26 ($20 after tax) and $85 ($64 after tax), respectively, and
during the three and nine months ended Mar, 31, 2023, the company
incurred approximately $28 ($20 after tax) and $73 ($55 after tax),
respectively, of operating expenses related to its digital
capabilities and productivity enhancements investment. The expenses
relate to the following:
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
|
|
|
|
3/31/2024
|
|
3/31/2023
|
|
3/31/2024
|
|
3/31/2023
|
|
|
|
|
|
External consulting
fees (a)
|
|
$
19
|
|
$
22
|
|
$
65
|
|
$
58
|
|
|
|
|
|
IT project personnel
costs (b)
|
|
2
|
|
2
|
|
6
|
|
4
|
|
|
|
|
|
Other
(c)
|
|
5
|
|
4
|
|
14
|
|
11
|
|
|
|
|
|
Total
|
|
$
26
|
|
$
28
|
|
$
85
|
|
$
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Comprised of
third-party consulting fees incurred to assist in the project
management and end-to-end systems integration of this transformative investment. The company relies
on consultants for certain capabilities required for these programs
that the company does not maintain internally. These costs support
the implementation of these programs incremental to the company's
normal IT costs and will not be
incurred following implementation.
|
|
|
|
(b)
|
Comprised of labor
costs associated with internal IT project management teams that are
utilized to oversee the new system implementations. Given the
magnitude and transformative nature of the implementations planned,
the necessary project management costs are incremental to the
historical levels of spend and will no longer be incurred
subsequent to implementation. As a result of this long-term
strategic investment, the company considers these costs not
reflective of the ongoing costs to operate its business.
|
|
|
|
(c)
|
Comprised of various
other expenses associated with the company's new system
implementations, including company personnel dedicated to the
project that have been backfilled with either permanent or
temporary resources in positions that are considered part of normal
operating expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full year 2024
outlook (estimated range)
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
Low
|
|
High
|
|
Midpoint
|
|
|
|
|
As estimated
(GAAP)
|
|
$
1.66
|
|
$
1.81
|
|
31 %
|
|
|
|
|
Loss on
divestiture
|
|
1.85
|
|
1.85
|
|
(12) %
|
|
|
|
|
Pension settlement
charge
|
|
1.04
|
|
1.04
|
|
1 %
|
|
|
|
|
Cyberattack costs
(9)
|
|
0.35
|
|
0.35
|
|
—
|
|
|
|
|
Streamlined operating
model (10)
|
|
0.20
|
|
0.20
|
|
—
|
|
|
|
|
Digital capabilities
and productivity
enhancements investment (11)
|
|
0.70
|
|
0.70
|
|
1 %
|
|
|
|
|
As adjusted
(Non-GAAP)
|
|
$
5.80
|
|
$
5.95
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
In FY24, the company
expects to incur approximately $57-$65 ($43-$49 after tax) of costs
related to the cyberattack. These costs relate primarily to
third-party consulting services, including IT recovery and forensic
experts and other professional services incurred to investigate and
remediate the attack, as well as incremental operating costs from
the resulting disruption to the company's business
operations.
|
|
(10)
|
In FY24, the company
expects to incur approximately $30-$40 ($23-$30 after tax) of
restructuring and related costs, net related to implementation of
the streamlined operating model.
|
|
(11)
|
In FY24, the company
expects to incur approximately $110-$130 ($84-$99 after tax) of
operating expenses related to its digital capabilities and
productivity enhancements investment.
|
|
The following table provides reconciliation of adjusted EBIT
(non-GAAP) to earnings (losses) before income taxes, the most
comparable GAAP measure:
|
Reconciliation of
earnings (losses) before income taxes
to adjusted EBIT
|
|
Three months
ended
|
|
Nine months
ended
|
|
3/31/2024
|
|
3/31/2023
|
|
3/31/2024
|
|
3/31/2023
|
Earnings (losses)
before income taxes
|
$
(42)
|
|
$
(245)
|
|
$
123
|
|
$
1
|
Interest
income
|
(4)
|
|
(4)
|
|
(21)
|
|
(9)
|
Interest
expense
|
22
|
|
24
|
|
69
|
|
69
|
Loss on
divestiture
|
240
|
|
—
|
|
240
|
|
—
|
Pension settlement
charge
|
—
|
|
—
|
|
171
|
|
—
|
Cyberattack
costs
|
8
|
|
—
|
|
57
|
|
—
|
VMS
impairment
|
—
|
|
445
|
|
—
|
|
445
|
Streamlined operating
model
|
10
|
|
21
|
|
13
|
|
44
|
Digital capabilities
and productivity
enhancements investment
|
26
|
|
28
|
|
85
|
|
73
|
Adjusted
EBIT
|
$
260
|
|
$
269
|
|
$
737
|
|
$
623
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Earnings (Unaudited)
|
|
|
|
|
|
|
|
Dollars in millions,
except per share data
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
|
03/31/2024
|
|
03/31/2023
|
|
3/31/2024
|
|
3/31/2023
|
|
Net sales
|
|
$
1,814
|
|
$
1,915
|
|
$
5,190
|
|
$
5,370
|
|
Cost of products
sold
|
|
1,048
|
|
1,115
|
|
3,026
|
|
3,324
|
|
Gross profit
|
|
766
|
|
800
|
|
2,164
|
|
2,046
|
|
Selling and
administrative expenses
|
|
301
|
|
311
|
|
899
|
|
854
|
|
Advertising
costs
|
|
215
|
|
206
|
|
566
|
|
523
|
|
Research and
development costs
|
|
32
|
|
35
|
|
93
|
|
100
|
|
Loss on
divestiture
|
|
|
240
|
|
—
|
|
240
|
|
—
|
|
Pension settlement
charge
|
|
—
|
|
—
|
|
171
|
|
—
|
|
Goodwill, trademark and
other intangible asset impairments
|
—
|
|
445
|
|
—
|
|
445
|
|
Interest
expense
|
|
22
|
|
24
|
|
69
|
|
69
|
|
Other (income) expense,
net
|
|
(2)
|
|
24
|
|
3
|
|
54
|
|
Earnings (losses)
before income taxes
|
|
(42)
|
|
(245)
|
|
123
|
|
1
|
|
Income tax expense
(benefit)
|
|
8
|
|
(36)
|
|
52
|
|
21
|
|
Net earnings
(losses)
|
(50)
|
|
(209)
|
|
71
|
|
(20)
|
|
Less: Net earnings
attributable to noncontrolling interests
|
1
|
|
2
|
|
7
|
|
7
|
|
Net earnings (losses)
attributable to Clorox
|
|
$
(51)
|
|
$
(211)
|
|
$
64
|
|
$
(27)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (losses)
per share attributable to Clorox
|
|
|
|
|
|
|
|
|
Basic net earnings
(losses) per share
|
|
$
(0.41)
|
|
$
(1.71)
|
|
$
0.52
|
|
$
(0.22)
|
|
Diluted net earnings
(losses) per share
|
|
$
(0.41)
|
|
$
(1.71)
|
|
$
0.52
|
|
$
(0.22)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands)
|
|
|
|
|
|
|
|
|
Basic
|
|
124,249
|
|
123,649
|
|
124,133
|
|
123,512
|
|
Diluted
|
|
124,249
|
|
123,649
|
|
124,721
|
|
123,512
|
|
Reportable Segment
Information
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Dollars in
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
Net
sales
|
|
Three months
ended
|
|
Nine months
ended
|
|
3/31/2024
|
|
3/31/2023
|
|
% Change(1)
|
|
3/31/2024
|
|
3/31/2023
|
|
% Change(1)
|
Health and
Wellness
|
$
609
|
|
$
647
|
|
(6) %
|
|
$
1,833
|
|
$
1,881
|
|
(3) %
|
Household
|
526
|
|
550
|
|
(4)
|
|
1,353
|
|
1,435
|
|
(6)
|
Lifestyle
|
315
|
|
353
|
|
(11)
|
|
947
|
|
1,005
|
|
(6)
|
International
|
310
|
|
305
|
|
2
|
|
891
|
|
876
|
|
2
|
Corporate and Other
(2)
|
54
|
|
60
|
|
(10)
|
|
166
|
|
173
|
|
(4)
|
Total
|
$
1,814
|
|
$
1,915
|
|
(5) %
|
|
5,190
|
|
$
5,370
|
|
(3) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment adjusted
EBIT
|
|
Segment adjusted
EBIT
|
|
Three months
ended
|
|
Nine months
ended
|
|
3/31/2024
|
|
3/31/2023
|
|
% Change(1)
|
|
3/31/2024
|
|
3/31/2023
|
|
% Change(1)
|
Health and
Wellness
|
$
154
|
|
$
161
|
|
(4) %
|
|
$
517
|
|
$
418
|
|
24 %
|
Household
|
74
|
|
99
|
|
(25)
|
|
162
|
|
165
|
|
(2)
|
Lifestyle
|
64
|
|
83
|
|
(23)
|
|
192
|
|
217
|
|
(12)
|
International
|
38
|
|
27
|
|
41
|
|
104
|
|
74
|
|
41
|
Corporate and Other
(2)
|
(70)
|
|
(101)
|
|
31
|
|
(238)
|
|
(251)
|
|
5
|
Total
|
$
260
|
|
$
269
|
|
(3) %
|
|
737
|
|
$
623
|
|
18 %
|
Interest
income
|
4
|
|
4
|
|
|
|
21
|
|
9
|
|
|
Interest
expense
|
(22)
|
|
(24)
|
|
|
|
(69)
|
|
(69)
|
|
|
Loss on divestiture
(3)
|
(240)
|
|
—
|
|
|
|
(240)
|
|
—
|
|
|
Pension settlement
(4)
|
—
|
|
—
|
|
|
|
(171)
|
|
—
|
|
|
Cyberattack costs
(5)
|
(8)
|
|
—
|
|
|
|
(57)
|
|
—
|
|
|
VMS impairment
(6)
|
—
|
|
(445)
|
|
|
|
—
|
|
(445)
|
|
|
Streamlined operating
model (7)
|
(10)
|
|
(21)
|
|
|
|
(13)
|
|
(44)
|
|
|
Digital capabilities
and productivity enhancements
investment (8)
|
(26)
|
|
(28)
|
|
|
|
(85)
|
|
(73)
|
|
|
Earnings (losses)
before income taxes
|
$
(42)
|
|
$
(245)
|
|
(83) %
|
|
$
123
|
|
$
1
|
|
12,200 %
|
|
|
(1)
|
Percentages based on
rounded numbers.
|
(2)
|
Corporate and Other
includes the Vitamin, Minerals and Supplements business.
|
(3)
|
Represents the loss on
divestiture of Argentina operations of $240 ($231 after tax) for
the three and nine months ended Mar. 31, 2024.
|
(4)
|
Represents the pension
settlement charge of $171 ($130 after tax) for the nine months
ended Mar. 31, 2024.
|
(5)
|
Represents costs
related to the cyberattack of $8 ($6 after tax) and $57 ($43
after tax) for the three and nine months ended Mar. 31, 2024,
respectively.
|
(6)
|
Represents a $445 ($362
after tax) noncash impairment charge related to the VMS business
for the three and nine months ended March 31, 2023.
|
(7)
|
Represents
restructuring and related costs, net for implementation of the
streamlined operating model of $10 ($7 after tax) and $13 ($10
after tax) for the three and nine months ended Mar. 31, 2024, and
$21 ($17 after tax) and $44 ($34 after tax) for the three and nine
months ended Mar. 31, 2023, respectively.
|
(8)
|
Represents expenses
related to the company's digital capabilities and productivity
enhancements investment of $26 ($20 after tax) and $85 ($64 after
tax) for the three and nine months ended Mar. 31, 2024, and $28
($20 after tax) and $73 ($55 after tax) for the three and nine
months ended Mar. 31, 2023, respectively.
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
Dollars in
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2024
|
|
6/30/2023
|
|
3/31/2023
|
|
|
|
|
(Unaudited)
|
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
219
|
|
$
|
367
|
|
$
|
242
|
|
Receivables,
net
|
|
|
673
|
|
|
688
|
|
|
678
|
|
Inventories,
net
|
|
|
674
|
|
|
696
|
|
|
735
|
|
Prepaid expenses and
other current assets
|
|
|
95
|
|
|
77
|
|
|
90
|
|
|
Total current
assets
|
|
|
1,661
|
|
|
1,828
|
|
|
1,745
|
Property, plant and
equipment, net
|
|
|
1,292
|
|
|
1,345
|
|
|
1,315
|
Operating lease
right-of-use assets
|
|
|
379
|
|
|
346
|
|
|
359
|
Goodwill
|
|
|
1,229
|
|
|
1,252
|
|
|
1,250
|
Trademarks,
net
|
|
|
539
|
|
|
543
|
|
|
546
|
Other intangible
assets, net
|
|
|
149
|
|
|
169
|
|
|
176
|
Other assets
|
|
|
556
|
|
|
462
|
|
|
427
|
Total assets
|
|
$
|
5,805
|
|
$
|
5,945
|
|
$
|
5,818
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Notes and loans
payable
|
|
$
|
111
|
|
$
|
50
|
|
$
|
138
|
|
Current operating lease
liabilities
|
|
|
82
|
|
|
87
|
|
|
88
|
|
Accounts payable and
accrued liabilities
|
|
|
1,653
|
|
|
1,659
|
|
|
1,722
|
|
Income Taxes
Payable
|
|
|
—
|
|
|
121
|
|
|
48
|
|
|
Total current
liabilities
|
|
|
1,846
|
|
|
1,917
|
|
|
1,996
|
Long-term
debt
|
|
|
2,480
|
|
|
2,477
|
|
|
2,476
|
Long-term operating
lease liabilities
|
|
|
347
|
|
|
310
|
|
|
323
|
Other
liabilities
|
|
|
853
|
|
|
825
|
|
|
824
|
Deferred income
taxes
|
|
|
24
|
|
|
28
|
|
|
27
|
|
|
Total
liabilities
|
|
|
5,550
|
|
|
5,557
|
|
|
5,646
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
—
|
|
|
—
|
Common stock
|
|
|
131
|
|
|
131
|
|
|
131
|
Additional paid-in
capital
|
|
|
1,270
|
|
|
1,245
|
|
|
1,232
|
Retained
earnings
|
|
|
34
|
|
|
583
|
|
|
415
|
Treasury
stock
|
|
|
(1,189)
|
|
|
(1,246)
|
|
|
(1,277)
|
Accumulated other
comprehensive net (loss) income
|
|
|
(155)
|
|
|
(493)
|
|
|
(498)
|
|
|
Total Clorox
stockholders' equity
|
|
|
91
|
|
|
220
|
|
|
3
|
Noncontrolling
interests
|
|
|
164
|
|
|
168
|
|
|
169
|
Total stockholders'
equity
|
|
|
255
|
|
|
388
|
|
|
172
|
Total liabilities and
stockholders' equity
|
|
$
|
5,805
|
|
$
|
5,945
|
|
$
|
5,818
|
CLX-F
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multimedia:https://www.prnewswire.com/news-releases/clorox-reports-q3-fiscal-year-2024-results-updates-outlook-302131956.html
SOURCE The Clorox Company