Despite Good News, Clorox Co. (CLX) Shares Fall
February 04, 2010 5:46 PM
During a day of falling share prices, good news from Clorox Corporation (NYSE: CLX) wasn't enough to keep its shares from falling as well.
Clorox Corporation raised its annual earnings target for the second time in three months, sales and profits were up and the company even beat analyst expectations.
All that wasn't enough to keep shares of Clorox from declining nearly half a percent during a trading session marked by declining share prices.
The consumer products company reported fiscal 2nd quarter profit of $110 million, or 77 cents per share, up from $86 million, or 61 cents per share, for the same quarter a year ago and sales rose 5% to $1.28 billion.
According to a survey of analysts by FactSet Research, the consensus forecast for Clorox Corp. was earnings of 76 cents per share on sales of $1.25 billion.
For its fiscal June 2010 year, Clorox Corp. raised its annual profit forecast to a range of $4.10 to $4.25 per share from its previous forecast of $4.05 to $4.20 per share.
