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Clorox Earnings: CLX Stock Climbs 4% Higher on Q3 Beat, Guidance

Clorox (NYSE:CLX) earnings for fiscal third quarter of 2020 have CLX stock heading higher on Friday. That’s thanks to its diluted earnings per share (EPS) of $1.89 coming in above Wall Street’s estimate of $1.67. The consumer goods company’s revenue of $1.78 billion also comes in higher than analysts’ estimates of $1.71 billion.

Clorox Earnings: CLX Stock Climbs 4% Higher on Q3 Beat, Guidance

Source: TY Lim / Shutterstock.com

Let’s see what else went right for Clorox in its most recent earnings report.

  • Diluted per-share earnings come in 31% higher than $1.44 during the same time last year.
  • Revenue for the quarter is up 15% compared to $1.55 billion in the fiscal third quarter of 2019.
  • The Clorox earnings report also has net income coming in at $241 million.
  • That’s a 29% increase over the $187 million reported in the same period of the year prior.

Benno Dorer, chair and CEO of Clorox, said this about the earnings:

“Beyond the extraordinary growth in our disinfecting products, we saw broad-based growth across all four segments as our portfolio is uniquely positioned to serve consumers in this unprecedented time. Importantly, our business was on track to deliver growth for the back half of the fiscal year in line with our expectations, even ahead of the pandemic.”

The Clorox earnings report also includes a guidance update for fiscal 2020. This has it expecting EPS ranging from $6.70 to $6.90. That’s a boon to CLX stock next to Wall Street’s estimate of $6.57 per share for the fiscal year.

CLX stock was up 4% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/05/clorox-earnings-beat-boosts-clx-stock/.

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