Clorox FQ3 Earnings Rise; Shares Fall On Guidance
Shares of the consumer products maker, Clorox Co (NYSE: CLX), fell 2.23% at 10:40 am, despite the company announcing better-than-expected results for the March quarter.
The Oakland, California-based company reported an 8% increase in its third quarter profits to $165 million or $1.16 a share, versus $153 million or $1.08 a share in the same quarter last year. The earnings handily beat the analysts’ estimate of $1.37 billion, or $1.08 a share, despite the $16 million or $0.07 a share pretax loss faced by the company due to Venezuela's currency devaluation. The results were driven by an increase in promotional spend, which resulted in a 3% and 1% year-over-year ago rise in CLX’s volume and sales, respectively.
CLX has raised the lower end of its earnings projections for the fiscal year ending June to $4.20-$4.25, from $4.10-$4.25. The company still expects its sales to rise by 1%-2%. Clorox also expects to earn $4.50-$4.65 per share during fiscal 2011. Wall Street was expecting Clorox to earn $4.24 per share this year and $4.63 per share in FY11.
Read more from Benzinga's Company news.
