Clorox Is Anticipating a Loss in the Current Quarter Due to a Recent Cyberattack

Clorox has recently reported that they have experienced a cyberattack, which will have an impact on their net sales and earnings for the first quarter.

Clorox, the US-based consumer goods company, has provided an update on the impact of the cyberattack it experienced recently. The company had informed investors about the incident back in August, which involved “unauthorized activity” in its IT systems. Clorox projected a year-over-year drop of 28-23% in net sales for the first quarter, with adjusted earnings per share to be “a loss of $0.40 to $0.00” linked to the cyberattack. Other metrics like gross margin, organic sales, and diluted net earnings per share will also be negatively affected.

The cyberattack had caused “wide-scale disruption of Clorox’s operations, including order processing delays and significant product outages.” However, the company is now making progress in restoring its systems and operations. Automated order processing has resumed, which is enabling Clorox to ramp up output and shipments to rebuild retailer inventories. The company’s current assessment indicates that it expects to experience ongoing, but lessening, operational impacts in the second quarter as it makes progress in returning to normalized operations.

Clorox expects that the process of restocking retailer inventories will occur over time as it ships above consumption levels. The company plans to hold an earnings call in November, at which time it will update its longer-term expectations. Clorox’s brands include wipes, multi-surface disinfecting sprays, bleach, toilet cleaners, and other products. The company also has numerous brands such as Burt’s Bees, Fresh Step, Glad, and Pine-Sol under its purview.

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