By Wallace Witkowski
WD-40 Inc. shares dropped in the extended session Tuesday after the maintenance and cleaning products company’s quarterly results and earnings outlook fell below Wall Street estimates.
WD-40 /zigman2/quotes/204555241/composite WDFC -0.88% shares fell 11% after hours, following a 0.1% rise in the regular session to close at $229.29.
The company reported fourth-quarter net income of $8.4 million, or 61 cents a share, compared with $19.7 million, or $1.42 a share, in the year-ago period.
Revenue rose to $115.2 million from $111.6 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast $1.24 a share on revenue of $117.5 million.
“The dynamics of the pandemic continue to create abnormal swings in our net sales results from period to period,” said Garry Ridge, WD-40 chairman and chief executive, in a statement.
WD-40 forecast earnings of $5.24 and $5.38 a share on revenue $522 million to $542 million for the year. Analysts had estimated $5.94 a share on revenue of $517.5 million for the year.
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