Proactive Investors - Clorox Co (NYSE:CLX) shares rallied as the consumer products giant forecast lifted its full-year sales and profit outlook on the back of strong progress in its recovery from a cyberattack in August which disrupted its operations.
For fiscal 2024, the company expects its net sales to be down low single digits from the previous financial year compared to its prior expectation of a mid-to high-single-digits decline.
It now expects adjusted earnings per share (EPS) in the range of $5.30 to $5.50, presenting an increase of 4% to 8%, up from its earlier forecast of $4.30 to $4.80, a decrease of 16% to 6%.
For the fiscal second quarter of 2024, which ended on December 31, 2023, Clorox reported a 16% year-on-year increase in sales to $1.99 billion, ahead of Wall Street analyst estimates of $1.8 billion.
Adjusted EPS rose from $0.98 in the year-ago quarter to $2.16, almost double the $1.10 expected by analysts.
"Our second quarter results reflect strong execution on our recovery plan from the August cyberattack," Clorox CEO Linda Rendle said in a statement.
"We are rebuilding retailer inventories ahead of schedule, enabling us to return to merchandising and restore distribution."
Shares of Clorox had added 4.1% at about $154 in early trade on Friday.