Clorox Climbs Well Off Worst Levels But Remains Firmly Negative

(RTTNews) - After gapping open sharply lower, shares of Clorox Co. (CLX) have climbed well off their worst levels of the day but remain notably lower in late-day trading on Wednesday. Clorox is currently down by 2.8 percent.

Clorox initially came under pressure after the household products maker reported better than expected fiscal first quarter results but lowered its full-year guidance.

The company reported fiscal first quarter earnings of $1.62 per share on revenues of $1.56 billion compared to analyst estimates of $1.59 per share on revenues of $1.54 billion.

However, Clorox lowered its full-year earnings guidance to $6.20 to $6.40 per share from $6.32 to $6.52 per share, citing its updated expectations for share repurchases and to a lesser extent more pronounced foreign currency and cost pressures.