WD-40 stock lower after company's Q4 profit falls 60%
Shares of WD-40 Co. fell more than 4% in the extended session Thursday after the maker of the eponymous spray reported fiscal fourth-quarter earnings above expectations but its outlook was weaker. WD-40 said it earned $8.6 million, or 63 cents a share, in the quarter, compared with $21.6 million, or $1.54 a share, in the year-ago period. That was a 60% drop year-on-year, and the company pinned the steep decline on an $8.7 million tax reserve previously disclosed. Revenue rose 4% to $106.7 million, compared with $102.6 million a year ago. The two analysts polled by FactSet that track WD-40 had expected the company to earn 60 cents a share on sales of $106.3 million in the quarter. WD-40 said it expects full-year 2020 sales growth between 4% and 7% and net sales between $436 million and $453 million. It projected EPS between $4.74 and $4.83 for the year. The analysts expect EPS of $5 on sales of $444 million for fiscal 2020.
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