WD-40 Co., the San Diego household lubricant maker, reported Jan. 7 net income of $7.7 million for its first quarter ended Nov. 30, up 23 percent from the like quarter in 2007.
Revenue was $83.6 million, an increase of 5.6 percent over the like quarter in the prior year. Sales of WD-40 products declined 4.5 percent in its Americas market, while they gained 6 percent in Europe and 10 percent in Asia-Pacific.
Although the results met Wall Street analysts’ expectations, shares of the company, traded as WDFC on Nasdaq, were down nearly 2 percent in midday trading Jan. 8 to $26.28. The 52-week range is $23.06 to $40.
The first quarter results were released after the market closed on Jan. 7.
WD-40 said it expects fiscal year sales of $305 million to $315 million, and net income from $26.5 million to $29 million, or earnings per share of $1.60 to $1.75.
The company estimated second quarter sales from $69 million to $73 million, and net income of $3.8 million to $4.6 million, or 23 to 28 cents per share.
, Mike Allen
