Why WD-40 Company Shares Are Nosediving During Wednesday's After-Hours Session

WD-40 Company WDFC shares are trading lower by 7.38% to $158.94 after the company reported worse-than-expected fourth-quarter EPS and sales results. The company also issued FY23 EPS guidance below analyst estimates.

What Happened?

WD-40 reported quarterly earnings of $1.08 per share, which missed the analyst consensus estimate of $1.22.

The company also reported quarterly sales of $130.40 million, which missed the analyst consensus estimate of $131.12 million by roughly 1%. This is a 13% increase over sales of $115.24 million in the same period last year.

WD-40 sees FY23 net sales as low as $545 million or as high as $570 million versus the analyst consensus estimate of $546.75 million.

WD-40 sees FY23 EPS as low as $5.09 or as high as $5.24 versus the analyst consensus estimate of $5.73.

"Fiscal year 2022 was a challenging year dominated by inflation, geopolitical tensions, currency headwinds, and continuing disruptions caused by the COVID-19 pandemic," said Steve Brass, WD-40 Company's president and chief executive officer.

"We learned to expect the unexpected this fiscal year and are a better prepared and more agile organization because of the challenges we've faced. We are pleased we were able to achieve solid topline growth of our maintenance products in this volatile environment, including 8 percent growth of WD-40 Multi-Use Product and 19 percent growth of WD-40 Specialist," Brass stated.

See Also: Why Alcoa Shares Are Falling Sharply During Wednesday's After-Hours Session

According to data from Benzinga Pro, WD-40 Company has a 52-week high of $255.31 and a 52-week low of $163.61.