Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

WD-40 Profit Up 16% - Update

RELATED NEWS
Trade WDFC now with 
4/5/2012 5:04 PM ET

Maintenance products company WD-40 Co. (WDFC: Quote), Thursday reported a sixteen percent rise in profit for the second quarter due mainly to strong growth in the Americas and Asia Pacific, and on lower taxes. Both earnings and sales for the quarter topped Street analysts' estimates.

Looking forward, the company essentially reaffirmed its outlook for the full year 2012, but made adjustments to its earnings per share guidance to reflect a lower share count for the period.

San Diego, California-based WD-40 said its second-quarter sales grew 9 percent from last year, with multi-purpose maintenance products segment up 9 percent, and home care and cleaning products sales up 6 percent.

By region, Americas sales grew 21 percent from last year, while Asia Pacific surged 28 percent. Europe slid 12 percent.

CEO Garry Ridge said the company continues to see short-term challenges in certain parts of Europe, while remaining bullish about prospects in China.

Gross margin for the quarter slid to 49 percent from 51.8 percent last year, due mainly to rising cost of petroleum-based materials and aerosol cans.

WD-40 reported quarterly net income of $10.6 million or $0.65 per share, compared to $9 million or $0.53 per share last year. Results for the current quarter reflect a lower share count.

On average, five analysts polled by Thomson Reuters expected earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was $86 million, compared to $79 million last year. Analysts expected $85.3 million for the quarter.

WD-40 continues to expect fiscal 2012 net income of $37.2 million to $39.2 million and revenue of $353 million to $370 million. The company now expects 2012 earnings of $2.33 to $2.45 per share based on 16 million shares outstanding, compared to its earlier estimated earnings of $2.28 to $2.40 per share based on 16.3 million shares outstanding.

Analysts currently expect earnings of $2.35 per share and revenue of $357.41 million for 2012.

WDFC closed Thursday on the Nasdaq at $44.78, up $0.10 or 0.22%. In after hours, the stock gained $1.24 or 2.77%.

Register
To receive FREE breaking news email alerts for WD-40 Co and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Starbucks Corp. said Thursday after the markets closed that its second quarter profit rose 9.4% from last year, helped by higher revenue. The company's quarterly earnings per share came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. The world's largest specialty coffee retailer also raised its full year earnings outlook. Software giant Microsoft Corp. said Thursday after the markets closed that its third quarter profit fell 6.6% from last year, when results were boosted by special upgrade offer revenues. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue. Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.