Oct. 20, 2020, 4:45 p.m. EDT

WD-40 gets an ‘isolation renovation’ sales boost

By Claudia Assis

Shares of WD-40 Co. rose nearly 10% in the extended session Tuesday after the company reported fiscal fourth-quarter profit and sales above expectations thanks to “isolation renovation” DIY projects, it said.

WD-40 (NAS:WDFC) earned $19.7 million, or $1.42 a share, in the quarter, compared with 63 cents a share in the prior-year quarter. Sales rose 5% to $111.6 million, the San Diego, Calif., company said.

“It seems that the more time people spend isolated in their homes, the more time and money they spend making home improvements,” Chief Executive Garry Ridge said in a statement.

“We are calling this trend ‘isolation renovation’ and in nearly all our direct markets we saw double-digit sales growth of WD-40 Multi-Use Product due to this phenomenon,” he said.

WD-40 sells its eponymous spray in more than 176 countries and territories around the world, and each market was impacted differently by the pandemic, the company said.

Shares of the company ended the regular trading day up 0.9%.

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