Shares of Clorox (CLX) - Get Report were down 3.7% to $156.73 Thursday after poor sales in its charcoal and bags and wraps segments caused the consumer and professional products maker to miss Wall Street's fiscal fourth-quarter revenue forecast.
The Oakland, California-based company reported fourth-quarter earnings of $241 million, or $1.88 a share, up from $217 million or $1.66 a share, a year ago, but above analysts' expectations of $1.85. Revenue totaled $1.63 billion, down 4% from a year ago and short of Wall Street's call for sales of $1.69 billion.
"Fiscal year 2019 results were mixed for the company due to persistent challenges on Charcoal and Bags and Wraps, and our Q4 results were a reflection of this," Clorox Chair and CEO Benno Dorer said in a statement. "Importantly, we continue to make progress toward profitable growth, as reflected in a fiscal year of gross margin expansion in an inflationary environment and another year of strong cash flow."
For the full year, Clorox reported earnings of $820 million, or $6.32 a share, compared with $823 million or $6.26 a share, a year ago. Sales totaled $6.21 billion, compared with the year-ago total of $6.12 billion.
For the full year 2020, Clorox is calling for sales growth ranging from flat to 2% with earnings ranging from $6.30 to $6.50 a share. Analysts are looking for earnings of $649 a share and sales growth of 2.2%.
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