WD-40 Company (NASDAQ: WDFC) reported weaker-than-expected results for its second quarter.
The San Diego-based WDFC reported Thursday before Good Friday total net sales for the second quarter were $100 million, a decrease of 1% compared to the prior year fiscal quarter. Year-to-date total net sales were $198.6 million, a decrease of 2% compared to the prior year fiscal period.
The news release containing the figures also said the translation of the Company's foreign subsidiary results to U.S. dollars had a favorable impact on sales for the current quarter and an unfavorable impact on sales year-to-date.
On a constant-currency basis, total net sales would have been $99.7 million for the second quarter and $200.6 million year to date.
Net income for the second quarter was $14.3 million, a decrease of 10 percent compared to the prior year fiscal quarter. Year-to-date net income was $26.5 million, a decrease of 9% from the prior year fiscal period.
Diluted earnings per share were $1.04 in the second quarter, compared to $1.14 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $1.92 compared to $2.09 in the prior year fiscal period.
According to CEO Garry Ridge, "This decline was mainly driven by a significant decrease in maintenance product sales in China due to disruptions related to the COVID-19 outbreak and resulting health crisis. Though the impact in the second quarter was significant, we are pleased that things appear to be slowly returning to normal for our tribe members in China."
Shares fell $14.50, or 8.3%, to $160.91
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