68.2 F
San Diego
Thursday, Oct 6, 2022
-Advertisement-

WD-40 Co. Lowers Outlook for Revenue, Earnings in Fiscal Year 2011

Shares of WD-40 Co., the maker of the all-purpose lubricant and other household products, dropped about 5 percent in midday trading on the Nasdaq exchange June 23 to $39.49 following the company’s lowering of its fiscal year 2011 outlook for revenue and earnings.

In the report, WD-40 said it expects its fiscal year 2011 sales to finish in a range from $330 million to $340 million, or sales growth of 2.6 percent to 5.7 percent over fiscal year 2010. It had earlier forecast revenue to finish at $335 million to $350 million.

The company said diluted earnings per share for the year are now expected from $2.05 to $2.15, based on an estimated 17 million weighted average shares outstanding. WD-40 had earlier said diluted earnings per share would be from $2.23 to $2.25 for the year. Gross margin for the year is expected at close to 50 percent, the company said.

CEO Garry Ridge said the company’s operations have been affected by rising commodity prices which impacted gross margins unfavorably, requiring an amending of earlier forecasts.

- Advertisement -

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-