While reporting financial results for the fourth quarter, Clorox Co. (CLX) on Thursday initiated guidance for full-year 2020.
For fiscal 2020, the company now projects earnings from continuing operations in a range of $6.30 to $6.50 per share, which is expected to be more muted in the first half than in the second half as the company works to return to growth in the Charcoal and Bags and Wraps businesses.
Clorox also anticipates full-year sales growth in the range of flat to 2 percent, driven by continued strong performance of the company's innovation program, partially offset by about 1 point of negative impact from foreign currency headwinds. Organic sales growth is expected to be 1 to 3 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $6.49 per share on sales growth of 2.2 percent to $6.41 billion for the year. Analysts' estimates typically exclude special items.
"Going forward, we expect to return to more robust U.S. sales growth consistent with our long-term financial goals, along with higher diluted EPS, in the back half of FY20 as we work to improve the performance of our Charcoal and Bags and Wraps businesses," said Chief Financial Officer Kevin Jacobsen.
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