By Allison Prang
WD-40 Co. saw sales rise in the second quarter, but the company's chief executive noted that supply chain problems affected its ability to meet demand.
The company's net sales 12% to $111.9 million, it reported. That increase was largely sparked by a 13% rise in net sales of maintenance products.
Profit was $17.2 million, or $1.24 a share. The company's profit rose from $14.3 million, or $1.04 a share, the comparable period a year earlier.
WD-40 stock slid 7.9% to $285 in after-hours trading.
CEO and Chairman Garry Ridge said in prepared remarks that pandemic-related supply chain disruptions and constraints "impacted our ability to meet the increased end user demand we experienced in the United States during the second quarter."
"We continue to experience very high demand for our maintenance products due to renovation trends associated with the pandemic, or what we call isolation renovation," he also said.
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