Consumer
Clorox Jumps as Profitability Gains Outweigh Slumping Sales
- Company has bolstered earnings in part by cutting costs
- Sales decline persisted as company recovers from cyberattack
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Clorox Co. rose in late trading after the maker of bleach and charcoal briquettes posted profit that outpaced market estimates, despite a decline in sales.
Earnings per share, excluding some items, of $1.82 exceeded expectations in the fiscal quarter ended June 30, helped by lower manufacturing and logistics costs. The company expects that measure to be in a range of $6.55 to $6.80 in the current fiscal year, Clorox said, also better than the average analyst estimate.