WD-40 Results Top Estimates; Cuts FY Guidance On Foreign Currency Fluctuations

(RTTNews) - WD-40 Co (WDFC), a maintenance, homecare and cleaning products company, on Wednesday reported second-quarter net earnings of $11.3 million or $0.76 per share compared with $10.3 million or $0.67 per share last year.

Revenues for the quarter were up 3 percent at $97.3 million compared with $94.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.72 per share on revenues of $97 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin for the quarter improved to 52.6 percent from 51.6 percent in the prior year.

For the full year 2015, the company now expects earnings of $3.07 and $3.13 per share on revenues of $387 million and $400 million. Earlier it expected earnings of $3.07 to $3.16 per share on revenues of $398 million to $413 million.

Analysts expect earnings of $3.12 per share on revenues of $399.8 million for 2015.

"Foreign currency exchange fluctuations have impacted our business performance in the first half of the year and are expected to do so for the duration of the fiscal year," said CFO Jay Rembolt in a statement.

"We also remain somewhat uncertain how the recent declines in the price of crude oil will embed into our financials over the long-term. We had a number of price increases planned for this fiscal year to offset the costs of implementing some new regulatory requirements, primarily in our Americas segment. However, the declines in the cost of crude oil have allowed us to delay these planned price increases," Rembolt said.