WD-40 Earnings: WDFC Stock Drops 3% on Q3 Miss

WD-40 (NASDAQ:WDFC) earnings for the lubricant company’s fiscal third quarter of 2020 have WDFC stock ticking lower after-hours Thursday. That’s due to its diluted earnings per share of $1.06 missing Wall Street’s estimate of $1.07. Its revenue of $98.25 million also comes in below analysts’ estimates of $108.1 million.

Multiple cans of WD-40 (WDFC) spray are arranged on a store shelf.

Source: Ismail Sadiron / Shutterstock.com

Here are some additional highlights from the most recent WD-40 earnings report.

  • Diluted per-per share earnings are down 18.5% from $1.30 during the same time last year.
  • Revenue for the quarter comes in 14% lower than the $113.99 million from its fiscal third quarter of 2019.
  • WDFC’s operating income of $19.81 million is a 14.6% drop year-over-year from $23.2 million.
  • The WD-40 earnings report also has net income coming in at $14.52 million.
  • That’s a 20% drop from the company’s net income of $18.14 million in the same period of the year prior.

Garry Ridge, chairman and CEO of WD-40, said this about the earnings.

“Our total sales in the third quarter declined by 14 percent due to disruptions related to the COVID-19 pandemic. As a global business that operates in 176 countries around the world, each of our locations has been impacted by COVID-19 in different ways but our tribe members everywhere adapted quickly to the unprecedented situation which enabled us to hold our own this quarter even while confronted with extremely challenging circumstances.”

WD-40 doesn’t discuss its outlook in the current earnings report. That’s no surprise with the novel coronavirus causing problems for the economy. Many other companies are withholding guidance at this time.

WDFC stock was down 3% after markets closed on Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/wd-40-earnings-drop-wdfc-stock/.

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