stock tumbled after the profit of the company fell far short of analysts’ expectations.
Clorox reported fiscal fourth quarter adjusted earnings of 95 cents per share, missing analyst forecasts for $1.36 per share, on revenue of $1.8 billion, below expectations of $1.92 billion. But Clorox didn’t stop there. It said it would earn between $540 and $5.70 in fiscal 2022, well below analysts’ forecasts of $7.67. Clorox blamed higher commodity prices and other rising costs for the big miss, as well as “volatility.”
“Fiscal year 2021 has been an extraordinary year for Clorox, with the pandemic putting us through the test of volatility, including rapid changes in consumer demand and inflationary pressures, reflected in our fourth quarter results,” said CEO Linda Rendle. “It bolstered the strength of our global portfolio, which has never been more relevant to consumers.”
Investors apparently disagree with that assessment. Clorox shares fell 9.4% to $164.22 in premarket trading.
Still, Clorox’s miss shouldn’t come as a surprise.
(UL) and Lysol maker
(RBGLY) also spoke of rising costs in their earnings reports.
Still, few stocks have had the kind of ride Clorox has had. It was an early Covid-19 favorite, gaining more than 50% from early February to early August. However, it has all gone downhill since then, with the stock falling 22% through Monday – with more to come.
Write to Ben Levisohn at firstname.lastname@example.org