Clorox (NYSE:CLX) Surges on Upbeat Q2 Earnings
Market News

Clorox (NYSE:CLX) Surges on Upbeat Q2 Earnings

Story Highlights

Clorox surges in pre-market trading after upbeat Q2 results.

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.

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.

Related Articles
TheFlyFive Below downgraded, Snowflake upgraded: Wall Street’s top analyst calls
TheFlyClorox upgraded to Hold from Sell at TD Cowen
TheFlyClorox price target raised to $171 from $153 at DA Davidson
Go Ad-Free with Our App