The Clorox Company CLX reported third-quarter fiscal 2016 results, wherein earnings of $1.21 per share rose 12% year over year gaining from robust sales and improved gross margin. The bottom-line also beat the Zacks Consensus Estimate of $1.10.Taking into account the benefits of the Renew Life acquisition, the company raised its sales and earnings forecast for fiscal 2016. Management now expects sales growth of 1% to 2% compared with flat to up 1% growth predicted earlier. Currency-neutral sales growth is expected in the range of 4% to 5%. Adjusted earnings are anticipated in the range of $4.85 to $4.95 per share compared with the previous guidance of $4.75 to $4.90 per share.Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has trended upward over the last 30 days. If we look at Clorox’s performance in the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate in all four quarters, resulting in an average surprise of 9.1%.Revenues: Clorox generated net sales of $1,426 million that climbed 2% year over year and surpassed the Zacks Consensus Estimate of $1,412 million. The increase was backed by solid growth across all U.S. businesses that gained from volume growth and price increases, offset by currency headwinds. On a currency-adjusted basis, sales were up 5%.Key Events: Concurrent with the earnings released, the company announced that it has closed the acquisition of Renew Life, the No. 1 brand of probiotics in the natural channel. Clorox acquired this leading digestive health company from Swander Pace Capital and other shareholders in a cash deal worth nearly $290 million. The company expects this acquisition to add nearly 2 percentage points to top line in fiscal 2017.Zacks Rank: Currently, Clorox carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.Check back later for our full write up on Clorox’s earnings 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 >>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 CLOROX CO (CLX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research