WD-40 Co (NASDAQ:WDFC) shares are moving slightly lower in Thursday’s after-hours session after the company reported fiscal second-quarter financial results.
- Q2 Revenue: $130.19 million beat estimates of $125.85 million
- Q2 EPS: $1.21 beat estimates of $1.01
“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, president and CEO of WD-40.
“Although gross margin in the second quarter improved compared to the same period last year, there continues to be pressure on gross margin. Progress is seldom linear, and many factors are currently impacting gross margin.”
WD-40 expects full-year 2023 revenue of $535 million to $560 million. The company expects full-year earnings to be in a range of $4.80 to $5 per share.
It appears the stock is reacting negatively to the cautious commentary on gross margins. It’s also possible that the stock is facing some selling pressure related to weak earnings guidance. At least one analyst was expecting full-year earnings of approximately $5.24 per share.
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WDFC Price Action: WD-40 has a 52-week high of $209.33 and a 52-week low of $145.51.
The stock was down 4.65% at $170.30 at time of publication.
Photo: Tim Reckmann from Flickr.
