Family Dollar Store, anti-bacterial wipes and cleaning products.

Jeff Greenberg | Getty Images

Clorox on Friday reported that its fiscal-third quarter sales climbed 15% as consumer demand for its cleaning products soared in response to the coronavirus pandemic.

The company also raised its fiscal 2020 forecast. 

Shares of the company rose 3% in premarket trading.

Here’s what the company reported for the quarter ended March 31:

  • Earnings per share: $1.89
  • Revenue: $1.78 billion

Clorox reported fiscal third-quarter net income of $241 million, or $1.89 per share, up from $187 million, or $1.44 per share, a year earlier.

Net sales rose 15% to $1.78 billion. Organic sales jumped 17% in the quarter.

Wall Street anticipated earnings per share of $1.67 on revenue of $1.71 billion, based on a survey of analysts by Refinitiv. However, it’s difficult to compare reported earnings to analyst estimates for Clorox’s quarter, as the coronavirus pandemic continues to hit global economies and makes earnings impact difficult to assess.

Clorox’s cleaning segment, which includes its namesake disinfectant wipes, bleach and Pine-Sol, saw sales growth of 32% in the quarter. While consumer demand drove higher sales, the company also reported a spike in sales of its laundry and professional cleaning products. 

With one more quarter in its fiscal year, the company now expects organic sales growth in a range of 6% to 8% and full-year diluted earnings per share of $6.70 to $6.90. In February, the company forecast organic sales growth of up to 2% and full-year diluted earnings per share in a range of $6.10 to $6.25.

Read the full earnings report here.

Source Article