Wednesday, consumer product company WD-40 Co. (WDFC) reported a 14.6% decline in third-quarter profit as sales declined 16.2% from the same period last year. The company also revised its earnings and sales outlook for the full year 2009.
The San Diego, California-based company posted a third quarter net income of $6.9 million or $0.41 per share, compared to net income of $8.1 million or $0.49 per share in the prior year.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 16.2% to $68.8 million from $82.1 million in the previous year. Analysts expected the company to report revenues of $69.98 million for the quarter.
Multi-purpose maintenance products sales, which include the WD-40 and 3-IN-ONE brands, were $52.6 million in the quarter, down 14.1% from the same quarter last year. Home care and cleaning products sales, which include all other brands, were $16.3 million for the third quarter, down 22.3% from the year-ago period.
During the quarter, foreign exchange rates negatively impacted net sales by $9.6 million and net income by $0.7 million. Gross margin, however, improved to 50.9% from 46.5% in the same quarter last year.
For the nine-month period, the company reported a net income of $18.7 million or $1.12 per share, compared to $23.0 million or $1.36 per share a year before.
Net sales for the nine months declined to $214.2 million from $240.2 million a year earlier.
Looking ahead, the company said it expects fiscal 2009 earnings in the range of $24.2 million to $25.9 million and earnings in the range of $1.45 - $1.55 per share. Net sales for the period are estimated to be in the range of $283.0 million to $290.0 million.
Earlier, the company estimated net income in the range of $22.5 million to $25.8 million, and earnings in the range of $1.35 to $1.55 per share. Net sales were estimated to be in the range of $279.0 million to $292.0 million.
Wall Street analysts currently expect earnings of $1.48 per share on revenues of $286.08 million for the full year.
WDFC closed Wednesday's regular trading at $28.08, down $0.36 or 1.27%, on the Nasdaq.
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