Clorox Stock Shoots Higher After Hours: Here's Why

Clorox Co CLX shares are trading higher in Thursday’s after-hours session after the company reported better-than-expected financial results and raised earnings guidance.

• Q2 Revenue: $1.99 billion beat estimates of $1.8 billion
• Q2 EPS: $2.16 beat estimates of $1.10

Net sales were up 16% year-over-year, largely driven by higher volumes as the company rebuilt customer inventories following the August cyber attack and a favorable price mix.

“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,” said Linda Rendle, chair and CEO of Clorox.

“While there is still more work to do, we’re focused on executing with excellence in what remains a challenging environment to drive top-line growth and rebuild margin.”

Outlook: Clorox raised its full-year adjusted earnings guidance from a range of $4.30 to $4.80 per share to a new range of $5.30 to $5.50 per share, versus the consensus of $4.66. The company also noted that in fiscal year 2024, net sales are expected to decrease in the low single digits.

See Also: Meta Platforms Q4 Earnings Highlights: Revenue Beat, EPS Beat, Company’s First Dividend And More

CLX Price Action: Clorox shares were up 6.88% after hours at $158.23 at the time of publication, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.