Clorox Slips As Q2 Earnings, Outlook Fall Below View

(RTTNews) - Shares of consumer products maker, The Clorox Company (CLX) are falling more than 12% in the morning trade on Friday after reporting decline in second-quarter earnings, that missed analysts' view. The company's full-year earnings outlook also came in below consensus estimates.

Net earnings in the second quarter declined to $69 million or $0.56 per share compared with $259 million or $2.03 per share in the same quarter a year ago, hurt by higher costs.

Excluding one-time items, earnings were $0.66 per share, that missed the average estimate of analysts polled by Thomson Reuters at $1.56 per share.

Net sales for the quarter declined 8% year-over-year to $1.691 billion. The consensus estimate was for $1.78 billion.

Looking forward to the year 2022, net sales are expected to decline in the range of 1% to 4%. Analysts expects revenue to decline 3.1% for the period. Adjusted EPS are expected between $4.25 and $4.50. The consensus estimate stands at $5.41 per share.

CLX touched a new low of $142.66 this morning.