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Jim Cramer: Here's why Clorox had a 'fabulous quarter'

Looking to invest in a consumer stock? Take a look at Clorox, CNBC's Jim Cramer said Tuesday.

"[CEO] Benno Dorer delivers another fabulous quarter. Don't forget, he was dealt a good hand, because when [Donald Knauss] left, that last quarter he got them out of Venezuela," Cramer said on "Squawk on the Street." "What I'm really impressed with is you got the 4 percent volume increase — that's really terrific — cleaning sales really good."

Clorox shares rose 1.95 percent Tuesday after the firm posted better-than-expected fiscal third-quarter earnings per share of $1.23. Revenue for the quarter also beat estimates, coming in at $1.43 billion. Analysts polled by Reuters expected the company to report earnings of $1.11 on $1.41 billion.

On Tuesday Dorer told CNBC's "Closing Bell" that diversification of bleach products, such as sprays and bleach-based toilet bowl cleaners, contributed to the company's growth. "Bleach accounts for anywhere from 10 to 15 percent of our revenue," he said. "Total bleach business actually is up."

Clorox, the parent company of Brita water filters, also got a boost from a health and wellness trend trend among both millennials and the aging generation that is "here to stay," the CEO noted. "We're promoting a healthy lifestyle, which includes filtered water, and we're doing that very successfully with consumers today."

The company celebrated its 103rd anniversary Tuesday.

— Reuters contributed to this report.