Clorox profit: CLX stock climbs 4% higher on Q3 Beat, guidance

<p>Clorox (NYSE: CLX) earnings for the fiscal third quarter of 2020 have the CLX share higher on Friday. It’s thanks to its diluted earnings per share (EPS) of $ 1.89 that comes above the Wall Street estimate of $ 1.67. The consumer goods company’s revenue of $ 1.78 billion is also higher than analysts’ estimates of $ 1.71 billion.

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Let’s see what went right for Clorox in its latest earnings report.

Earnings after dilution per share were 31% higher than $ 1.44 during the same period last year. Revenue for the quarter increased by 15% compared to $ 1.55 billion in the third quarter of 2019. In Clorox’s earnings report, net income also amounts to $ 241 million. This is an increase of 29% compared to $ 187 million reported during the same period last year.

Benno Dorer, chairman and CEO of Clorox, said this about the results:

“In addition to the extraordinary growth in our disinfection products, we saw broad growth in all four segments as our portfolio is uniquely positioned to serve consumers in this unprecedented era. It is important that our business was on track to deliver growth during the back half of the financial year in line with our expectations, even before the pandemic. ”

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

The CLX share increased by 4% as of Friday afternoon.

At the time of writing, William White had no position in any of the above securities.

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

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