Clorox Cuts FY22 Earnings Outlook

(RTTNews) - While reporting its results for the third quarter on Monday, Clorox Co. (CLX) lowered its earnings outlook for the full year.

Looking forward to the full year 2022, the company now expects adjusted earnings of $4.05 to $4.30 per share, down from prior estimate of $4.25 to $4.50 per share. Analysts currently estimate earnings of $4.18 per share for the full year.

The company said it continues to expect sales to decrease 1% to 4%, with organic sales to decrease 1% to 4%. Analysts currently estimate revenues to drop 2.40% for the year.

Gross margin is now expected to decrease up to 800 basis points, primarily due to higher than previously anticipated commodity and manufacturing and logistics costs.