Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Clorox NZ, like parent, finds little earnings growth

Clorox NZ, like NYSE-listed parent, finds little earnings growth in household staples

By Suze Metherell

Feb. 10 (BusinessDesk) – Clorox New Zealand, the local arm of the NYSE-listed bleach and Glad wrap maker, has extended a run of flat earnings, echoing the results of a parent company looking to emerging markets to drive growth in sales of household staples.

Profit was $8.8 million in the 12 months ended June 30, 2013, little changed from a year earlier, according to the Auckland-based company’s annual report, and has declined about 11 percent from 2008. Sales edged up 0.5 percent to $42.7 million in the latest year, to be 15 percent down on 2008 revenue.

The California-based maker of household staples including cling wrap, Chux cloths and its eponymous bleach, Clorox, last week lowered its full-year sales forecast after reporting quarterly earnings that missed analyst expectations. Sales were little changed at US$1.33 billion in the three months ended Dec. 31.

"Like many companies, we continue to face significant headwinds from foreign currency declines, sluggish category growth and increasing commodity costs," said chief executive of the parent company Don Knaus said in a statement last week.

Clorox plans to “invest disproportionately behind its fastest-growing markets, including Chile, Colombia and Peru,” according to a statement on its website. A spokesman for the New Zealand unit couldn’t immediately be reached for comment.

The company also owns Burt’s Bees’ cosmetics, Brita water filters and Hidden Valley salad dressings. It sells its products in more than 100 countries, and manufactures products in more than two dozen countries.

Clorox entered the local market when it acquired NationalPak New Zealand in 2000, as part of their 1998 takeover of the Glad cling wrap company First Brands.

Clorox is listed on the Standard & Poor’s 500 Index. Its shares have risen about 6 percent in the past 12 months, about a third of the rise in the benchmark index over the same time period. It recently traded at US$85.63.

The stock is rated as ‘hold’, based on the consensus of 19 analysts surveyed by Reuters and has a median price target of US$87.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news