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By: Dividend Daily
May 02, 2012 at 09:34 AM EDT
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
The Clorox Company (CLX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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