WD-40 Fiscal 3Q Earnings Fall 15 Percent
SAN DIEGO (AP) — Consumer products maker WD-40 Co. said Wednesday its fiscal third-quarter profit fell 15 percent due to losses from foreign exchange rates and overall economic weakness.
The company earned $6.9 million, or 41 cents per share, compared with $8.1 million, or 49 cents per share, in the same period a year earlier.
Revenue slipped 16 percent to $68.8 million from $82.1 million.
Analysts polled by Thomson Reuters expected a profit of 38 cents per share on revenue of about $70 million.
In the quarter ended May 31, foreign exchange rates hurt net income by about $700,000 and cut sales by $9.6 million.
For the full fiscal year ending in August, the company expects to report earnings per share of $1.45 to $1.55 on sales of $283 million to $290 million.
Analysts expect profit of $1.48 per share on revenue of $286.1 million.
Shares fell 36 cents to finish regular trading at $28.08.