WD-40 Co. (WDFC) Thursday said second-quarter profit dropped slightly, due mainly to higher expenses. However, earnings came in above analysts' expectations. The company has also raised its earnings outlook for the fiscal year 2013.
Net income for the quarter decreased to $10.46 million or $0.66 per share from $10.58 million or $0.65 per share in the comparable period last year. Analysts polled by Thomson Reuters expected the company to earn $0.56 per share for the quarter. Analysts' estimates typically exclude special items.
Sales totaled $86.71 million, up 1 percent from $86.0 million last year. Analysts expected sales of $87.37 million.
Operating expenses increased to $29.69 million from $27.43 million last year.
Looking ahead to the fiscal year 2013, the company currently expects earnings in the range of $36.5 million to $38.0 million, or $2.32 to $2.42 per share. This compares to the previous guidance range of $2.31 to $2.40 per share.
Meanwhile, the company continues to project full-year revenues in the range of $356.0 million to $370.0 million. Analysts currently expect the company to report full-year earnings of $2.37 per share on revenues of $358.17 million.
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