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• WD-40 reported its financial results for second quarter on Tuesday.
• Here's what its CEO Steve Brass said in a press release today.
• WD-40 stock is trending down in after-hours trading at writing.

WD-40 Co (WDFC) is trending down in extended hours after reporting lower than expected revenue for its fiscal second quarter.

WD-40’s guidance for the full financial 2024

The stock is being hit also because $WDFC issued somewhat of a muted guidance for the full year. It now forecasts revenue to fall between $570 million and $600 million on up to $5.30 a share of earnings in 2024.

Analysts, in comparison, were at $578 million and $5.12 a share, respectively. Steve Brass – the chief executive of WD-40 said in a press release today:

We’re announcing decision to pursue sale of our U.S. and U.K. Homecare and Cleaning Products portfolio, allowing us to focus on our core, higher-margin maintenance products while creating headspace for future innovation.

Last month, the Nasdaq-listed firm announced a quarterly dividend on a per-share basis of 88 cents. WD-40 stock has gained close to 45% over the past twelve months.

WD-40 Q2 earnings snapshot

• Earned $15.5 million versus the year-ago $16.5 million
• Per-share earnings also declined from $1.21 to $1.14
• Net sales jumped 7.0% year-on-year to $139.1 million
• Consensus was $1.11 a share on $140.5 million revenue
• Gross margin improved 160 basis points to 52.4% in Q2

WD-40 saw sales inch up 1.0% in Americas, 16% in EIMEA, and 4.0% in Asia-Pacific in its fourth financial quarter, as per the earnings report. CEO Brass also said on Tuesday: 

Overall, we’re incredibly pleased with our performance and are confident in achieving our long-term targets to drive sustainable, profitable growth.

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