WDFC Plummets as Results Shrink in Q3

WD-40 Company (NASDAQ:WDFC) saw its shares stumble after it reported weaker-than-expected results for its third quarter on Thursday.

The San Diego-based WDFC says total net sales for the third quarter were $98.2 million, a decrease of 14% compared to the prior year fiscal quarter.

Year-to-date total net sales were $296.9 million, a decrease of 6% compared to the prior year fiscal period.

Net income for the third quarter was $14.5 million, a decrease of 20% compared to the prior year fiscal quarter. Year-to-date net income was $41.0 million, a decrease of 13% from the prior year fiscal period.

Diluted earnings per share were $1.06 in the third quarter, compared to $1.30 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $2.98 compared to $3.39 in the prior year fiscal period.

According to CEO Garry Ridge, "Our total sales in the third quarter declined by 14% due to disruptions related to the COVID-19 pandemic.

"As a global business that operates in 176 countries around the world, each of our locations has been impacted by COVID-19 in different ways but our tribe members everywhere adapted quickly to the unprecedented situation which enabled us to hold our own this quarter even while confronted with extremely challenging circumstances."

WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world.

WDFC shares demurred $10,10, or 5%, to $190.40.