Wide-Moat Clorox Cleans Up With Sales and Profit Gains in Second Quarter; Shares a Bit Inflated
Clorox bucked the headwinds of intense competition and slowing global growth that have plagued its peers, posting solid organic sales (up 6% driven entirely by higher volumes), 10 basis points of gross margin expansion to 44.7%, and 80 basis points of operating margin gains to 19.3%. In our view, Clorox’s focus on launching innovative products and marketing this fare to consumers (spending $600 million annually, or 11% of sales) make it a valued partner for retailers, solidifying its wide moa...Clorox is a manufacturer and marketer of consumer products. The company sells its products through mass retailers, grocery outlets, warehouse clubs, dollar stores, home hardware centers, drug, pet and military stores, third-party and owned e-commerce channels, and distributors. The company has four reportable segments: Cleaning, which consists of laundry, home care and other products; Household, which consists of charcoal, bags, wraps and containers, cat litter, and digestive health products; Lifestyle, which consists of food products, water-filtration systems and filters, natural personal care products, and dietary supplements; and International, which consists of products sold outside the United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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