Clorox Co (NYSE:CLX) stock was down 1.6% ahead of Friday’s open despite the bleach maker revealing a rise in earnings and an upgraded outlook.
It reported US$233mln of net income in its second quarter which equates to US$1.77 per share, compared to US$149mln and US$1.14 per share in the same period of last year. The results included a 61 US cents per share benefit related to US tax changes.
Holds sales growth guidance for 2018
The results were better than Wall Street forecasts, for US$1.23 earnings per share.
In terms of its outlook, the company maintained its forecast for sales growth of between 1% and 3% for 2018, but, lifted its earnings per share guidance to between US$6.17 and US$6.37.
The stock, which was up around 8% in recent months, fell US$2.83 or 2% trading at US$137.50 before Friday’s opening bell.