230.01
0.30%
-0.70
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Why is WD-40 Co. (WDFC) Stock down?
10 Apr, 2024:
WD-40 Co (WDFC) stock fell by 8.60% following the release of mixed Q2 financial results, where revenue increased but earnings per share (EPS) missed estimates.
- Q2 Financial Results: WD-40 Co reported revenue of $139.1 million, which was a 7% increase from the prior year quarter. However, this fell below analyst expectations of $149.548 million. The company's net income was $15.5 million, representing a 6% decrease from the prior year quarter and missing the estimated $19.7 million. EPS for the quarter was $1.14, down from $1.21 in the prior year quarter and below the estimated $1.455. WD-40 Co's gross margin improved to 52.4% from 50.8% in the prior year quarter, indicating some positive performance in cost management.
- Other Financial Updates: The company declared a regular quarterly dividend of $0.88 per share, maintaining its commitment to returning value to shareholders. WD-40 Co also repurchased 23,000 shares at a total cost of $5.3 million under its $50.0 million share repurchase plan, indicating confidence in the company's long-term prospects.
- Market Reaction and Investor Sentiment: The stock fell following the release of the mixed Q2 results, reflecting investor disappointment in the earnings miss despite the revenue increase. The results were below analyst expectations, leading to a reassessment of the company's performance outlook and potentially impacting investor confidence.
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