These are some of the stocks moving in after-hours trade on April 20, 2023:
Clorox (CLX) is cutting about 200 jobs as it aims to continue a reorganization effort launched last year. The cuts were announced in a blogpost by CEO Linda Rendle.
The maker of disinfectant wipes and trash bags saw its stock balloon during the pandemic amid lockdowns and consumers’ heightened concern about germs.
Last September the company introduced a new operating model to make Clorox more “consumer obsessed” and leaner, according to the blogpost.
“While I’m energized about these changes and what they enable for us as an enterprise, we did have to make some difficult decisions today with the elimination of approximately 200 positions, or roughly 4% of our nonproduction workforce,” wrote Rendle.
CSX Corporation (CSX) shares are higher after posting first-quarter revenue and profit which beat Wall Street estimates. The freight railroad company’s revenue grew 9% year-over-year to $3.71 billion, topping consensus expectations of $3.59 billion.
Earnings per share came in at 48 cents versus an estimate of 43 cents.
“CSX had an encouraging start to the year as the efforts of our dedicated railroaders resulted in strong earnings growth,” said Joe Hinrichs, president and CEO of CSX.
First Financial Bancorp (FFBC) posted a beat on the bottom line for its latest quarter. The bank’s adjusted earnings per share of 76 cents topped estimates of 71 cents. Total deposits for the quarter came in at $12.81 billion versus $12.64 billion expected by analysts.
Regional banks have been on watch this earnings season following the collapse of Silicon Valley Bank and Signature Bank of New York in March.
OceanFirst Financial’s (OCFC) first-quarter earnings per share of 55 cents came in below Wall Street estimates of 66 cents. Net interest income was $98.8 million, below expectations of $105.3 million.
Deposits at the end of the quarter totaled $9.99 billion, ahead of estimates of $9.75 billion.
“In the midst of recent industry events, we were pleased to see the strength of our existing deposit base and confidence from our customers in the safety and soundness of the Company,” chairman and CEO Christopher Maher said in the bank’s earnings release.
“The Company’s deposits remain at stable levels and asset quality continues to be a source of strength. Further, we’ve deliberately bolstered our liquidity position and optimized our available funding capacity,” he added.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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