Shares of Clorox Co. (CO) rose 1.5% in premarket trading Monday, after the maker of cleaning and household products reported a fiscal fourth-quarter profit and revenue that beat expectations, as it benefited from demand for cleaning products as a result of the COVID-19 pandemic, while providing an in-line outlook. Net income increased to $310 million, or $2.41 a share, from $241 million, or $1.88 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.99. Sales grew 21.9% to $1.98 billion to beat the FactSet consensus of $1.87 billion, as household and wellness sales, which includes cleaning and professional products, rose 33%. ""I'm pleased that we've delivered a quarter of exceptional results, fueled by strong demand for our products that we've been privileged to provide in support of public health and to serve some of the essential needs of consumers as they've had to stay at home more," said Chief Executive Benno Dorer. For fiscal 2021, the company expects EPS to be down in the mid-single-digit to be up in the mid-single-digit percentage range, while the FactSet consensus of $7.35 implies a 0.1% decline. The stock has run up 54.0% year to date through Friday, while the SPDR Consumer Staples Select Sector ETF (XLP) has slipped 0.4% and the S&P 500 has gained 1.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 03, 2020 06:42 ET (10:42 GMT)
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