Investing.com -- Shares in WD-40 Company (NASDAQ:WDFC) fell more than 4% in after-hours trading after the San Diego-based spray company missed analysts' quarterly revenue forecasts and lowered its full-year guidance on Thursday.
During the company's third quarter of fiscal year 2016, which ended in late-May, WD-40 reported $12.7 million in net profits or earnings of 0.88 per share, slightly above earnings of $11 million or 0.75 per share over the same quarter a year earlier. At the same time, the company increased quarterly revenues by 4.3% to $96.4 million, amid a spike in maintenance product sales. For the quarter, sales in the division rose by 6%, driven primarily by sharp increases in WD-40's Multi-Use and Specialist products.
Nevertheless, further gains from WD-40 were limited by unfavorable currency translation among the company's foreign subsidiaries. On a constant currency basis, the penetrating and water displacing spray company said revenues for the three-month period would have increased to $99.2 million for the quarter and $293 million year-to-date.
Analysts expected to see earnings per share of 0.86 on revenues of $99 million for the period.
"We had a good quarter and are pleased we have seen solid year-over-year sales growth in maintenance products throughout all three of our trading blocs during the third quarter," WD-40 CEO Garry Ridge said in a statement. " Overall, we believe the tribe has positioned us for a strong finish to fiscal year 2016 and we are pleased that we will be able to reward them for their hard work across the globe."
Moving forward, WD-40 anticipates to post full-year revenue of $378 to $383 million, down from prior estimates of $385 to $394 million.
Shares in WD-40 lost 4.69 or 4.05% to 111.20 in after-hours trading.