RTTNews | Aug 3, 2021 10:07AM EDT

10:06 Tuesday, August 3, 2021 (RTTNews.com) - Shares of consumer and professional products maker The Clorox Company (CLX) are down more than 10% in the morning trade on Tuesday after reporting fourth-quarter results, that missed analysts' view. The company's full-year 2022 outlook also remain lower than the consensus estimate.

Net earnings in the fourth quarter declined to $97 million, or $0.78 per share from $310 million, or $2.41 per share, in the year-ago quarter.

Excluding items, earnings were $0.95 per share, that missed the average estimate of 15 analysts polled by Thomson Reuters at $1.36 per share.

Sales for the quarter decreased 9% to $1.802 billion from $1.983 billion last year, impacted by sales decline in three of four segments. The consensus estimate was for $1.92 billion.

The company said sales decrease was due primarily to the deceleration of shipments from peak levels during the COVID-19 pandemic, including more rapid than expected deceleration in the Health and Wellness segment.

Looking forward to 2022, Clorox expects sales to decline 2% to 6% and adjusted EPS to be in the range of $5.40 to $5.70. Analysts see earnings of $7.67 per share and a sales decline of 1.10% for the period.

CLX touched a new low of 159.33 this morning. The stock is currently at $161.58.

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