0000021076-26-000044
SEC filingClorox Q1 FY2027 净销售增33%至$1.91B、调整后EPS增82%至$1.55，GOJO并表与ERP基数效应为主驱动，但成本压力令全年毛利率指引下调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net sales | $1,905M | $1,429M | 33% |
| Gross profit | $770M | $596M | — |
| Gross margin | 40.4% | 41.7% | -130 bps |
| Selling and administrative expenses | $290M | $277M | — |
| Earnings before income taxes | $207M | $107M | 93% |
| Net earnings attributable to Clorox | $170M | $80M | — |
| Diluted EPS (GAAP) | $1.39 | $0.65 | 114% |
| Adjusted EPS (Non-GAAP) | $1.55 | $0.85 | 82% |
| Adjusted EBIT (Non-GAAP) | $284M | $160M | — |
| Organic sales growth (Non-GAAP) | 18% | — | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2027 | Net sales growth | 13%–14% | GAAP |
| FY2027 | Organic sales growth | about 3.5%–4.5% | Non-GAAP |
| FY2027 | Gross margin | about 41.5% | GAAP |
| FY2027 | Selling and administrative expenses | about 15.5% of net sales | GAAP |
| FY2027 | Advertising and sales promotion spending | about 10% of net sales | GAAP |
| FY2027 | Effective tax rate | about 23% | GAAP |
| FY2027 | Diluted EPS | $5.41–$5.71 | GAAP |
| FY2027 | Adjusted EPS | $5.70–$6.00 | Non-GAAP |
本季净销售增33%至$1.91B，其中GOJO并表贡献约15个百分点、有机销售增18%；有机增长中约18个百分点来自去年同期ERP过渡期库存去化的低基数，属"lapping"效应而非纯内生提速。毛利率降130个基点至40.4%，商品成本与制造物流成本上升为主因，GOJO库存step-up拖累约50个基点；调整后毛利率40.9%。分部看，Health and Wellness净销售增62%（GOJO贡献约39点）、调整后EBIT增69%，Household/Lifestyle/International净销售分别增17%/16%/11%，调整后EBIT增11%/58%/63%，国际受拉美出货强劲支撑。
利润端，GAAP稀释EPS $1.39（含GOJO交易与整合成本$26、税后$20，影响$0.16），去年同期含数字化投资$32（税后$25，影响$0.20），故调整后EPS $1.55、增82%含基数效应。全年指引维持销售增13%–14%、调整后EPS $5.70–$6.00，但毛利率下调至约41.5%（含GOJO库存step-up约20个基点负面影响）、S&A升至约15.5%（含GOJO交易成本约40个基点），管理层称调整后EPS料靠近区间低端；GAAP EPS指引$5.41–$5.71含GOJO成本约$0.29。年初至今经营现金流$143M、同比增54%，现金$184M；本稿未披露回购或分红安排。核心风险为通胀与商品成本超预期、GOJO整合与B2B渠道执行。