Clorox Misses Estimates; Reaffirms Earnings Outlook (CLX)
Consumer and institutional products maker, The Clorox Company (CLX) reported an increase in earnings for its third quarter, but missed analysts estimates on Wednesday.
The Oakland, CA based company reported third quarter net income of $133 million, up slightly from $132 million during its third quarter of last year. On a per share basis, earnings dipped to $1.00 from $1.01 last year. On average, analysts expected to see earnings of $1.06 per share.
Revenue for the quarter remained flat at $1.41 billion, which came in below the average analyst estimate of $1.44 billion.
The company reported a -1% decline in household sales to $413 million primarily due to 4% decline in volume, while sales in the lifestyle segment rose 2% to $245 million.
Looking ahead, the company estimates FY2013 sales growth of 3% to 4%, down from its prior outlook of 3% to 5%. The company reaffirmed its prior outlook for the year of earnings between $4.25 and $4.35 per share.
For fiscal 2014, the company expects to see earnings between $4.55 and $4.70 per share with a sales growth between 2% to 4%. Analysts expect to see earnings of $4.70 with a 3% sales growth.
Clorox shares were down 95 cents, or -1.10% during Wednesday morning trading. The stock has increased 22% in the past year.
The Bottom Line
Shares of The Clorox Company (CLX) have a 3.00% yield, based on Wednesday morning’s price of $85.44.
The Clorox Company (CLX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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