DataNet News: Clorox Beats Earnings, Names New CEO

The Clorox Company (NYSE: CLX) reported earnings today, August 3, and also named it's president and current executive, Linda Rendle, the new CEO.

The company beat Wall Street earnings estimates reporting a 22% sales increase, including double-digit growth across all reportable segments, and a 28% increase in diluted net earnings per share (diluted EPS) for its fourth quarter, which ended June 30, 2020. For fiscal year 2020, the company reported sales growth of 8% and a 16% increase in diluted EPS.

Fiscal Fourth-Quarter Results

22% sales increase
$2.41 diluted EPS, beating analysts expectations of $1.99 per share and a 28% increase versus year-ago quarter
Net sales rose to $1.98 billion from $1.63 billion beating Wall Street expectations of $1.87 billion for the quarter

"I'm pleased that we've delivered a quarter of exceptional results, fueled by strong demand for our products that we've been privileged to provide in support of public health and to serve some of the essential needs of consumers as they've had to stay at home more," said Clorox Chair and CEO Benno Dorer. "These results could not have been possible without dedication and strong execution by our people, who have always been guided by our core value Do the Right Thing."

Dorer added: "Guided by our IGNITE Strategy, we remain committed to building on this momentum through deliberate and aggressive investments to support our ambition of accelerating long-term sales growth."