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

 

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news