WDFC - Why WD-40 Stock Surged This Week
2023-07-13 14:18:00 ET
Specialty materials company WD-40 (NASDAQ: WDFC) had been stuck in a rut, reporting two consecutive quarters with no growth. But that all changed this week when the company easily topped quarterly expectations and reaffirmed its full-year guidance. Shares of WD-40 jumped on the earnings announcement Monday and sustained those gains in the days that followed, with the company up 18% for the week on Thursday afternoon, according to data provided by S&P Global Market Intelligence .
WD-40 is best known for the industrial lubricant that shares the corporate name, but the company also makes a range of other products, including cleaning supplies. The company has a long track record, but has lacked momentum in recent quarters.
That all changed this week, when WD-40 reported earnings of $1.38 per share on revenue of $141.7 million for its fiscal third quarter ending May 31. The earnings number beat estimates by $0.16 per share, and revenue was up 14.6% year-over-year and beat estimates. The company also affirmed its full-year guidance for earnings between $4.80 and $5 per share on revenue of $535 million to $600 million, implying some upside to the $4.90 per share on revenue of $535.1 million estimate.
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Why WD-40 Stock Surged This Week