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WD-40 Q3 Profit Down

WD-40 Company (WDFC), Thursday reported third-quarter profit of $14.5 million or $1.06 per share, down from $18.1 million or $1.30 per share last year.

Third-quarter sales dropped 14% to $98.2 million from $114.0 million last year.

"Our total sales in the third quarter declined by 14 percent due to disruptions related to the COVID-19 pandemic," said CEO Garry Ridge.

Gross margin was 54.0 percent, down from 54.5 percent last year. Selling, general and administrative expenses were down 13 percent, while advertising and sales promotion expenses dropped 24 percent.

WDFC closed Thursday's trading at $200.50, down $2.41 or 1.19%, on the Nasdaq. The stock further dropped $8.00 or 3.99% in the after-hours trading.

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