NEW YORK (TheStreet) -- Shares of The Clorox Co. (CLX) are down -2.19% to $88.71 after reporting third quarter earnings results of a 2% net sales decrease and $1.05 diluted EPS from continuing operations for 5% diluted EPS growth.
Clorox reported third quarter revenues of $1.386 billion, below last year's third quarter revenues of $1.413 billion.
On a currency-neutral basis, sales grew over 1%. Excluding the negative impact of 13 cents diluted EPS related to an effective currency devaluation in Venezuela, the company's diluted EPS for the third quarter was $1.18.
In the third quarter, Clorox delivered earnings from continuing operations of $139 million, or $1.05 diluted EPS, compared to $134 million, or $1.00 diluted EPS, in the year-ago quarter.
Analysts polled by Thomson Reuters recently expected per-share earnings of $1.08 on revenue of $1.43 billion.
For the full year. the company expects earnings from continuing operations of $4.25 to $4.35 a share and a decrease in sales. Previously, the expectation was for earnings of $4.40 to $4.55 a share and 1% to 2% in revenue growth.
TheStreet Ratings team rates CLOROX CO/DE as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLOROX CO/DE (CLX) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."