Market Updates
WD-40 Plunges 10% After Quarterly Revenues and Income Dropped
Scott Peters
07 Jul, 2022
New York City
WD-40 Company plunged 9.2% to $186.01 after the chemical maker reported earnings after the regular hours of trading.
WD-40 said sales in the third quarter ending in May declined 9% to $123.7 million and sales were affected after translating foreign sales to the strong U.S. dollar.
Net income in the quarter declined 31% to $14.5 million or $1.07 a diluted share from $21.0 million or $1.52 a share.
The company lowered its annual sales growth outlook to between $519 million and $532 million, an increase between 6% and 9%.
The company had previously guided sales between $522 million and $547 million, an increase between 7% and 12%.
Wd-40 estimated annual net income between $69.0 million and $71.1 million and diluted earnings per share between $5.02 and $5.10 based on an estimated 13.7 million weighted average shares outstanding.
The company had previously guided net income between $70.7 million and $72.5 million and diluted earnings per share between $5.14 and $5.27.
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