WD-40 stock slides as forecast overshadows earnings beat

WD-40 Co. (WDFC) shares fell in the extended session Thursday after the maintenance and cleaning products company topped Wall Street estimates for the quarter but its earnings forecast for the year didn't. WD-40 shares dropped as much as 4% after hours, closing the regular session virtually flat at $178.61. The company reported fiscal second-quarter net income of $16.5 million, or $1.21 a share, compared with $19.5 million, or $1.41 a share, in the year-ago period. Revenue rose to $130.2 million from $130 million in the year-ago period. Analysts surveyed by FactSet had forecast $1.15 a share on revenue of $125.8 million. "While sales volumes in the second quarter were lighter than we anticipated, we continue to believe that most of our growth this fiscal year will be weighted toward the second half of the year," said Steve Brass, WD-40 chief executive, in a statement. The company forecast full-year earnings of $4.80 to $5 a share on revenue of $535 million to $560 million. Analysts, on the other hand, expect full-year earnings of $5.19 a share on revenue of $545.5 million.

-Wallace Witkowski

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04-06-23 1630ET

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