WD-40 Dropping On Earnings Miss

WD-40 Company WDFC shares are plunging more than 4% in after-hours trading after the company missed quarterly earnings expectations. The company reported earnings of 47 cents per share on $85.5 million in revenues. Wall Street had been expecting earnings of 53 cents per share on $87.55 million in revenues. "More than ever before, our business is poised for growth. The continued attention on our four key strategic initiatives has positioned us well for long-term growth as we remain focused on expanding into markets across the globe, bringing innovation into existing markets, developing our business through acquisitions and strategic partnerships and using new marketing strategies to leverage the affinity our loyal end-users have for our brands," said Garry Ridge, WD-40 Company president and chief executive officer. "We have strategies in place to manage the short-term challenges while we continue to invest in our future." The company reiterated its 2011 revenue forecast of $330.0 million to $340.0 million. It also expects net income of $34.9 million to $36.6 million and diluted earnings per share of $2.05 to $2.15 for fiscal year 2011. WD-40 said gross margin for the full year is expected to be close to 50.0%. At last check, shares were off $1.69 to $39.99, a loss of over 4%.