J.P. Morgan Trims WDFC Estimates

WD-40 Company's WDFC F2011 prospects will probably depend on its ability to offset likely higher crude oil-based raw material costs, and maintain gross margins above 51%, J.P. Morgan reports. “WD-40 started fiscal 2011 with mixed results: Asia-Pacific and Europe demonstrated solid growth, particularly in China, by contrast, the company's Multi-Purpose Maintenance Products sales declined due to weakness in North America stemming from lost distribution of certain volumes with a customer, and weak seasonal patterns,” J.P. Morgan writes. “Homecare & Cleaning Product segment sales continued to decrease in the Americas. We shaved our F2011 EPS estimate from $2.40 to $2.35 and our F2012 projection from $2.65 to $2.60.” WD-40 Company closed Tuesday at $37.22.