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WD-40 Slides After Reporting Weak Sales, Profit

Published 07/10/2020, 11:27 AM
Updated 07/10/2020, 11:28 AM
© Reuters.

By Christiana Sciaudone

Investing.com --  WD-40 dropped 5.1% Friday after reporting slumping sales and profit for the fiscal third quarter.  

Profit dropped 20%, to $14.5 million, for the quarter compared to a year earlier. Year-to-date, profit of $41 million is down 13%. 

Third quarter fiscal net sales were down 14%, to $98.2 million, compared a year earlier, and year-to-date revenue dropped 6% to $296.9 million from the previous period in 2019. Sales from abroad -- the company operates in 176 countries -- also hurt net sales as a result of currency woes.

The company also cut advertising and sales promotion expenses, down 24 percent.

WDFC has one buy rating and one hold, with an average price target of $201.

 



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