The Clorox Company CLX reported first-quarter fiscal 2016 results, wherein earnings of $1.32 per share rose 20% year over year gaining from robust sales and improved gross margin. The bottom-line also beat the Zacks Consensus Estimate of $1.18.
Management reiterated its outlook for fiscal 2016, wherein it anticipates sales growth of flat to up 1% and adjusted earnings in the range of $4.68 to $4.83 per share. Currency-neutral sales growth is expected in the range of 3% to 4%.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has trended upward over the last 30 days. If we look at Clorox’s performance in the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate in three quarters, resulting in an average surprise of 5.9%.
Revenues: Clorox generated net sales of $1,390 million that climbed 3% year over year and surpassed the Zacks Consensus Estimate of $1,372 million. The increase was backed by solid growth across all U.S. businesses that gained from volume growth and price increases, offset by currency headwinds. On a currency-adjusted basis, sales were up 6%.
Zacks Rank: Currently, Clorox carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Check back later for our full write up on Clorox’s earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download
7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment