Another Clean Earnings Quarter for Clorox

Author:
Publish date:
Video Duration:
2:10

Ah, the puns - but they work. 

Clorox  (CLX) - Get Report has indeed been cleaning up its quarterly earnings, with its fiscal second-quarter results being no exception.

Clorox on Tuesday reported fiscal second-quarter earnings that beat analysts’ forecasts as it continued to orchestrate a turnaround in its previously suffering household products segment, specifically sales of bags and wraps and charcoal.

The Oakland, Calif.-based company said it earned $185 million, or $1.46 a share, vs. $182 million, or $1.40 a share, in the same period a year ago. The results exceeded the $1.31 a share expected by analysts polled by FactSet.

Sales came in at $1.5 billion, above last year’s $1.47 billion and ahead of the $1.4 billion consensus estimate expected by analysts.

"I feel good about the progress we're making, which is reflected in our second-quarter results," CEO Benno Dorer said. "We have confidence we're taking the right steps as we expect to return to growth in the back half of the fiscal year behind strong investments in our robust innovation plans to support distribution."

That confidence wasn't entirely on display in the company's revised per-share earnings expectations, however. Rather, Clorox took a more conservative approach, lifting its per-share target range by a nickel to between $6.10 to $6.25 on with flat-to-2%-higher sales. 

What wasn't mentioned – coronavirus, and whether a bump in demand for disinfectant wipes and other Clorox-made cleaning products might help bolster sales within the Oakland, Calif. company's cleaning-products division going forward.

Clorox is a holding in Jim Cramer's Action Alerts Plus portfolio. Want to know when Jim is buying or selling CLX? Click here for more.

Catch up on the Latest Videos on TheStreet!