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: WD-40 stock falls 10% after big earnings miss – Vested Daily

: WD-40 stock falls 10% after big earnings miss

October 19, 2021

WD-40 Inc. shares dropped in the extended session Tuesday after the maintenance and cleaning products company’s quarterly results and earnings outlook fell below Wall Street estimates.

WD-40
WDFC,
+0.14%
shares fell 11% after hours, following a 0.1% rise in the regular session to close at $229.29.

The company reported fourth-quarter net income of $8.4 million, or 61 cents a share, compared with $19.7 million, or $1.42 a share, in the year-ago period.

Revenue rose to $115.2 million from $111.6 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast $1.24 a share on revenue of $117.5 million.

“The dynamics of the pandemic continue to create abnormal swings in our net sales results from period to period,” said Garry Ridge, WD-40 chairman and chief executive, in a statement.

WD-40 forecast earnings of $5.24 and $5.38 a share on revenue $522 million to $542 million for the year. Analysts had estimated $5.94 a share on revenue of $517.5 million for the year.

This post was originally published on Market Watch