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Clorox Q3 Profit Misses, but Revenue Beats; Forecast Reiterated (CLX)

Consumer products maker The Clorox Company (CLX) on Wednesday posted third quarter earnings results that fell shy of Wall Street’s expectations.

The Oakland, CA-based company reported fiscal third quarter net income of $132 million, or $1.01 per share, compared with $151 million, or $1.09 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.02 per share.

Revenue rose 7.4% from last year to $1.40 billion.

On average, Wall Street analysts expected a slightly higher profit of $1.03 per share, albeit on lower revenue of $1.35 billion.

Looking ahead, the company said it still expects full-year 2012 earnings of $4.20 to $4.35 per share, which would miss Wall Street’s view of $4.38 per share for the year.

Clorox shares fell $1.77, or -2.3%, in premarket trading Wednesday.

The Bottom Line
Shares of Clorox (CLX) have a 3.43% dividend yield, based on last night’s closing stock price of $70.02. The stock has technical support in the $66 price area. If the shares can firm up, we see overhead resistance around the $71-$74 price levels.

The Clorox Company (CLX) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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