Brandon Bell
Shares of Clorox (NYSE:CLX) on Thursday jumped more than 7% in extended trading, after the cleaning products giant delivered a solid quarterly top and bottom line beat and updated its guidance to reflect its recovery from a cyberattack in August last year.
CLX stock was last up 7.4% to $159 after hours.
Clorox (CLX) reported FQ2 2024 adjusted profit per share of $2.16, which handily beat estimates by over a dollar. Revenue surged 15.7% Y/Y to $1.99B, also beating expectations by $190M.
Oakland, Calif.-based Clorox (CLX) offers a range of cleaning and home care products, including brands such as its namesake disinfectant, utensils cleaner Chux, drain cleaner Liquid-Plumr and multi-surface cleaner Pine-Sol.
Clorox’s (CLX) FQ2 organic sales were up 20%. Its quarterly revenue growth was driven by higher volume as the company rebuilt its customer inventories following the cyberattack, along with a favorable price mix.
The company in September last year disclosed that it had identified unauthorized activity on some of its information technology systems on August 14. The cyberattack also significantly impacted Clorox’s (CLX) FQ1 results.
“Our second quarter results reflect strong execution on our recovery plan from the August cyberattack. We are rebuilding retailer inventories ahead of schedule, enabling us to return to merchandising and restore distribution,” CLX CEO Linda Rendle said in a statement.
Turning to Clorox’s (CLX) guidance, the company now sees fiscal year 2024 net sales to be down low single digits, compared to an earlier forecast of down mid- to high single digits. Meanwhile, adjusted earnings per share is now expected to be between $5.30 to $5.50, versus a prior outlook of $4.30 to $4.80.
The consensus revenue estimate for fiscal year 2024 sees a 8.4% Y/Y fall in sales. The consensus earnings per share estimate is $4.66.