UPDATE: Clorox Shares Surge After Upbeat Results

Loading...
Loading...
Shares of The Clorox Company
CLX
gained more than 2.4% in pre-market trading after the company reported stronger-than-expected fiscal first-quarter results. The Oakland, California-based company posted quarterly net income of $90 million, or $0.68 per share, versus $136 million, or $1.03 per share, in the year-ago quarter. Its profit from continuing operations rose to $1.10 per share from $1.05 per share. Its sales climbed to $1.35 billion versus $1.34 billion. However, analysts were expecting a profit of $1.03 per share on revenue of $1.33 billion. Sales in the cleaning segment fell 2% in the quarter, while household segment sales gained 5%. Sales in the lifestyle segment slipped 1%, while international segment reported flat sales in the quarter. Gross margin shrank 70 basis points to 42.8% from 43.5%. Net cash provided by continuing operations rose to $234 million from $184 million. Chairman and CEO Don Knauss said, "In the first quarter, we continued to invest in incremental demand-building programs to reinforce the value of our brands. As a result, despite continuing headwinds, we delivered sales and profit growth for the quarter and saw improved market shares in a number of our categories." Clorox continues to expect full-year earnings of $4.35 to $4.50 per share. Analysts expected earnings of $4.42 per share. Clorox shares gained 2.43% to $101.00 in pre-market trading.
Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceprofit
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...