6:37 am Clorox beats by $0.11, beats on revs; raises FY16 guidance (CLX) :
Reports Q3 (Mar) earnings of $1.21 per share, $0.11 better than the Capital IQ Consensus of $1.10; revenues rose 1.8% year/year to $1.43 bln vs the $1.41 bln Capital IQ Consensus.
Co issues raises guidance for FY16, sees EPS of $4.85-4.95 vs. $4.92 Capital IQ Consensus Estimate, up from previous outlook of $4.75 to $4.90. Raises sales growth outlook to 1% to 2% sales growth, or 4% to 5% currency-neutral (previously flat to 1% growth, 3% to 4% currency neutral). Revenue consensus represents +0.8% growth. CLX now sees about 50 basis points of EBIT margin expansion (previously 50-75 basis points).
Third-quarter diluted EPS results were driven largely by gross margin expansion and higher sales, partially offset by higher advertising and sales promotion spending and the impact of unfavorable foreign currency exchange rates.
