Shares of Clorox (CLX) - Get Clorox Company Report were indicated lower on Thursday after the company reduced its fiscal-year earnings outlook as it recalibrates its efforts to both boost revenue and streamline costs.
The Oakland, Calif.-based commercial and residential cleaning products company cut its fiscal 2020 per-share estimates to between $6.05 and $6.25 a share, down from its previous estimate of between $6.30 and $6.50.
Analysts polled by Factset are currently expecting earrings of $6.57 a share.
The announcements came as part of the company's reveal of its so-called IGNITE strategy that among other things include "an ambitious set of new environmental, social and governance, or ESG, goals expressing the company's strong commitments in this area," CEO Benno Dorer said.
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Clorox also provided updates to its 2020 fiscal year revenue and earnings before interest, income and taxes (EBIT) targets, saying it now expects revenue growth of 2%-4%, free cash flow of 11%-13% of sales and EBIT margin of 25-50 basis points. The company will announce quarterly results on Oct. 30.
For its latest quarter, analyst are forecasting earnings of $1.59 a share on sales of $1.5 billion.
Shares of Clorox were down 1.89% at $146.53 in morning trading on Thursday.
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