UPDATE 1-Clorox profit beats as demand for household products rises
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Oct 31 (Reuters) - U.S. cleaning products maker Clorox Co reported better-than-expected quarterly sales and adjusted profit, helped by strong demand for its household products and price increases in international markets.
The maker of Pine-Sol cleaners and Poett home care products, which had missed the Street's profit estimates in the past four quarters, also reaffirmed its profit outlook for the year ending June.
Net income from continuing operations rose to $145 million, or $1.10 per share, in the first quarter ended Sept. 30, from $139 million, or $1.05 per share, a year earlier.
Total sales rose 0.7 percent to $1.35 billion. While revenue from household products increased 5.4 percent to $392 million, sales of cleaning products, Clorox's largest business, fell 1.9 percent to $470 million.
Last month, the company said it was exiting Venezuela as business there was "no longer viable".
Excluding a loss of 42 cents per share from discontinued Venezuela operations, and a one-time benefit of 5 cents per share, the company earned $1.05 per share in the first quarter.
Analysts on average had expected a profit of $1.03 per share, on revenue of $1.33 billion, according to Thomson Reuters I/B/E/S.
Clorox said it continued to expect full-year earnings from continuing operations of $4.35 to $4.50 per share, and forecast flat sales mainly due to foreign currency declines in its international markets, particularly Argentina.
Shares of the Oakland, California-based, were up 0.1 percent at $98.71 in morning trading on the New York Stock Exchange. (Reporting by Shailaja Sharma in Bangalore; Editing by Tresa Sherin Morera)
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