The Clorox Company CLX is slated to report third-quarter fiscal 2016 results on May 3, before the opening bell. In the last quarter, the company had delivered a positive earnings surprise of 8.6%. Further, Clorox has outperformed the Zacks Consensus Estimate by an average of 6.1% over the past four quarters. Let’s see how things are shaping up for this announcement. Factors Influencing This QuarterClorox has been benefiting from product innovations, enhanced volumes and better pricing. The improved pricing, along with efficient cost savings and lower commodity costs also helped Clorox achieve better productivity and enhanced margins in the preceding quarter, wherein the company recorded the second-highest gross margin in over five years.While these factors bode well for Clorox’s future performance, adverse currency fluctuations, greater competition and sluggish global economies are likely to weigh on its results in fiscal 2016. Nonetheless, management remains confident of its core business strategies, which also encouraged it to raise its fiscal 2016 EBIT margin and earnings per share projections.The company anticipates EBIT margin to expand in a band of 50–75 basis points and earnings for the fiscal are envisioned in a range of $4.75–$4.90 per share.Earnings WhispersOur proven model does not conclusively show that Clorox is likely to beat earnings this quarter. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1, 2 or 3 for this to happen. This is not the case here, as you will see below:Zacks ESP: Clorox has an Earnings ESP of 0.00%. This is because the Most Accurate estimate and the Zacks Consensus Estimate are both pegged at $1.10.Zacks Rank: Clorox’s Zacks Rank #2 (Buy) increases the predictive power of ESP. However, the company’s ESP of 0.00% makes surprise prediction difficult.We caution against stocks with a Zacks Rank #4 or 5 (Sell-rated stocks) going into the earnings announcement, especially when the company is seeing negative estimate revisions.Stocks That Warrant a LookHere are some companies you may want to consider as our model shows that these have the right combination of elements to post an earnings beat:Central Garden & Pet Company CENT, expected to release earnings on May 3, 2016, has an Earnings ESP of +3.39% and a Zacks Rank #2.Urban Outfitters Inc. URBN, scheduled to release earnings on May 18, 2016, has an Earnings ESP of +8.00% and a Zacks Rank #2.The Home Depot, Inc. HD, scheduled to release earnings on May 17, 2016, has an Earnings ESP of +1.50% and a Zacks Rank #3 (Hold).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HOME DEPOT (HD): Free Stock Analysis Report CENTRAL GARDEN (CENT): Free Stock Analysis Report URBAN OUTFITTER (URBN): Free Stock Analysis Report CLOROX CO (CLX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research