Clorox's sparkling earnings impress Wall Street

Sanitizers and disinfectants to kill coronavirus

The maker of Clorox is benefiting from the focus on keeping all manner of surfaces coronavirus-free.

The Clorox Co. on Friday reported that its third-quarter sales jumped 15% as consumers increased their purchases of bleach, wipes and other cleaning products. The company's cleaning segment, which includes its namesake disinfectant wipes, bleach and Pine-Sol, saw sales growth of 32%, said Clorox, which also hiked its 2020 earnings forecast.

The manufacturer of consumer products that also includes charcoal and cat litter reported net sales of $1.8 billion for the three-month period ending March 31, up from $1.5 billion for the year-ago quarter. Net earnings jumped to $241 million, from $187 million a year earlier. Clorox projects full-year sales to climb between 4% and 6%.

Clorox shares, which trade on the Nasdaq, are up 27% this year even as the stock index has fallen 4%.

Investors embraced the results, with Clorox shares rising nearly 6% to $197 even as the broader stock market fell. The strong results reflects "the heightened importance of disinfecting products in consumers' lives," Clorox CEO Benno Dorer said in a statement. "We're optimistic about our ability to continue to perform well even in what's expected to be a challenging economic environment."

The surging demand for cleaning products reflected in the company's sales is also visible in other data. Nielsen found that sales of multi-purpose cleaners for the four-week period ending April 4 are up 141% from the same period last year. 

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.