Clorox Q3 Profit From Cont. Ops. Decreases; Updates FY15 Outlook - Quick Facts

(RTTNews) - The Clorox Company (CLX) reported third quarter earnings from continuing operations of $144 million, or $1.08 per share, compared to $151 million, or $1.14 per share, in the year-ago quarter. The company noted that its third-quarter results reflected higher performance-based incentive compensation costs as the company anticipates exceeding its annual incentive targets; whereas in the prior-year, earnings benefitted from a 12-cent impact when the company fell significantly below these targets.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.10 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $1.40 billion from $1.37 billion last year. Analysts expected revenue of $1.38 billion for the quarter. Sales grew 3 percent, reflecting the benefit of price increases, favorable mix and assortment and higher volume. On a currency-neutral basis, sales grew 5 percent.

The company now anticipates fiscal-year 2015 sales to grow in the range of 1 percent to 2 percent. Clorox's updated sales outlook reflects stronger results through the third quarter and more than 2 percentage points of impact from unfavorable foreign currency exchange rates. Clorox now anticipates fiscal year 2015 EPS from continuing operations in the range of $4.45 to $4.55. Analysts expect the company to report fiscal 2015 earnings per share of $4.52.