Manufacturer of consumer products Clorox (NYSE:CLX) surged in pre-market trading after it reported better-than-expected second-quarter earnings. The company reported adjusted earnings of $2.16, surging by 120% year-over-year and beating Street estimates of $1.09 per share.
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The company posted net sales of $1.99 billion in the second quarter, an increase of 16% year-over-year, beating consensus estimates of $1.88 billion. The rise in revenues was driven by higher volumes and a favorable price mix.
As a result of Clorox’s strong performance in the second quarter, the company raised its FY24 outlook. It now expects net sales to decline by low single digits, with adjusted earnings likely to be between $5.30 and $5.50 per share, an increase of 4% to 8% year-over-year.
Is CLX Stock a Buy or Sell?
Analysts remain sidelined about CLX stock with a Hold consensus rating based on two Buys, six Holds, and five Sells each. Over the past year, CLX stock has gone up by more than 8%, and the average CLX price target of $140.08 implies a downside potential of 5.4% at current levels.
