Clorox Co. (NYSE: CLX) released its fiscal second-quarter financial results before the markets opened on Tuesday. The firm said that it had $1.46 in earnings per share (EPS) and $1.45 billion in revenue, which compared with consensus estimates of $1.31 in EPS and $1.43 billion in revenue. The same period of last year reportedly had $1.40 in EPS and $1.47 billion in revenue.

During the latest quarter, revenues declined by 2%, driven primarily by two points of unfavorable foreign currency exchange rates, but this was relatively flat on an organic basis.

In terms of its segments, Clorox reported:

• Cleaning net revenues were relatively flat year over year at $501 million.
• Household revenue decreased by 8% to $360 million.
• Lifestyle revenue increased by 4% to $347 million.
• International revenue decreased 2% to $241 million.

Looking ahead to the 2020 fiscal full year, the company expects to see EPS in the range of $6.10 to $6.25 and a low single-digit decrease to a 1% increase in sales (flat to 2% organic sales growth). Consensus estimates are calling for $6.14 in EPS and $6.18 billion in revenue for the full year.

Benno Dorer, board chair and chief executive, commented:

I feel good about the progress we’re making, which is reflected in our second-quarter results, particularly the fifth consecutive quarter of gross margin expansion and sequential improvement in organic sales. We have confidence we’re taking the right steps as we expect to return to growth in the back half of the fiscal year behind strong investments in our robust innovation plans to support distribution. Importantly, we remain committed to strong execution behind our IGNITE strategy to deliver long-term shareholder value.

Shares of Clorox traded 4.5% higher early Tuesday, at $162.84 in a 52-week range of $144.12 to $166.90. The consensus price target is $147.00.

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