WDFC - Why WD-40 Stock Popped on Thursday
2024-07-11 14:11:53 ET
Shares of the WD-40 Company (NASDAQ: WDFC) jumped 3.9% through 1:10 p.m. ET on Thursday after the famed manufacturer of household lubricants reported strong sales and earnings for its fiscal 2024 third-quarter last night.
Heading into earning, analysts had expected WD-40 to report per-share profits of only $1.38 on $145.8 million in sales. In fact, it earned $1.46 per share on sales of $155 million, a beat on both the top and bottom lines.
Not all of WD-40's news was great. While sales grew 9% year over year, and WD-40 expanded gross profit margins to 53.1%, the company's selling, general, and administrative expenses rose much faster than sales -- up 19% year over year -- and advertising and promotion expenses rose even faster, by 22%.
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Why WD-40 Stock Popped on Thursday