<p>WD-40 (NASDAQ: WDFC) revenues for the lubricant company’s fiscal third quarter 2020 have WDFC shares cruising lower after-Thursday. This is due to its diluted earnings per share of $ 1.06 which lacks the Wall Street estimate of $ 1.07. Its revenue of $ 98.25 million is also below analysts’ estimates of $ 108.1 million.
Source: Ismail Sadiron / Shutterstock.com
Here are some additional highlights from the latest WD-40 performance report.
Earnings after dilution per share decreased by 18.5% from $ 1.30 during the same period last year. Revenue for the quarter was 14% lower than $ 113.99 million from the third quarter of 2019. WDFC’s operating profit of $ 19.81 million is a decrease of 14.6% compared to the previous year from $ 23.2 million. The WD-40 earnings report also has a net profit of $ 14.52 million. This is a 20% decrease from the company’s net profit of $ 18.14 million during the same period the year before.
Garry Ridge, chairman and CEO of WD-40, said this about revenue.
“Our total sales during the third quarter decreased by 14 percent due to disruptions related to the COVID-19 pandemic. As a global company operating in 176 countries around the world, each of our sites has been affected by COVID-19 in different ways, but our tribal members everywhere quickly adapted to the unprecedented situation that enabled us to stay. during this quarter even when we were confronted with extremely challenging circumstances. ”
WD-40 does not discuss the outlook in the current earnings report. It is no surprise with the new coronavirus that is causing problems for the economy. Many other companies are retaining guidance right now.
The WDFC share fell 3% after the markets closed on Thursday.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/07/wd-40-earnings-drop-wdfc-stock/.
© 2020 InvestorPlace Media, LLC