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Clorox shares slide 7% premarket as earnings hurt by inflation and lower demand for cleaning products

·1 min read
Clorox shares slide 7% premarket as earnings hurt by inflation and lower demand for cleaning products
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Clorox Co. shares tumbled 7% in premarket trading Tuesday, after the consumer goods company missed estimates for its fiscal fourth quarter and said it expects earnings and margins to shrink again in fiscal 2022. The company posted net income of $97 million, or 78 cents a share, for the quarter to June 30, after income of $310 million, or $2.41 a share, in the year-earlier period. Adjusted per-share earnings came to 95 cents, well below the $1.32 FactSet consensus. Sales fell to s$1.802 billion f