Clorox beats profit expectations, but margins fall on higher commodity and logistics costs

Stock SectorMay 2, 20182min11

Clorox Co.

CLX, -0.77%

reported Wednesday fiscal third-quarter net income that rose to $181 million, or $1.37 a share, from $172 million, or $1.31 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.31. The consumer products company’s stock was still inactive in premarket trade. Revenue rose to $1.52 billion from $1.48 billion, topping the FactSet consensus of $1.51 billion, as cleaning and household sales beat expectations to offset a miss in lifestyle sales. Gross margin decreased to 42.8% from 44.0%, as higher commodity and logistics costs offset cost savings and price increases. The company cut hits fiscal 2018 EPS outlook to $6.15 to $6.30 from $6.17 to $6.37, as a result of the Nutranext acquisition and assumptions of the tax rate. The stock has tumbled 21.5% year to date, while the S&P 500

SPX, -0.26%

has eased 0.7%.

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