WD-40 Co. (WDFC) shares experienced a surge following the release of their impressive third-quarter results. After closing the regular session at $193.80 with a gain of 2.1%, WD-40 shares rose by as much as 5% in after-hours trading.
Strong Financial Performance
The company reported a net income of $18.9 million for the third quarter, equating to $1.38 per share. This figure represents a significant increase compared to the $14.5 million and $1.07 per share reported in the same period last year. Additionally, sales for the third quarter rose from $123.7 million to $141.7 million year-over-year.
Beating Analyst Expectations
Analysts surveyed by FactSet projected earnings of $1.22 per share on revenue of $138.4 million. However, WD-40 surpassed these expectations, reaffirming its position as a leader in the market. Furthermore, the company restated its outlook for the year, with anticipated earnings falling between $4.80 and $5 per share. In terms of revenue, WD-40 forecasts a range of $535 million to $560 million, aligning with market expectations.
Commitment to Shareholders
Alongside its exceptional financial performance, WD-40’s board of directors has also approved $50 million in share buybacks, demonstrating their commitment to providing value to shareholders.
WD-40 Co.’s strong showing in the third quarter highlights its ability to consistently deliver superior results. With an unwavering focus on innovation and a well-defined growth strategy, the company remains poised for continued success.
