WD-40 Co.
WDFC,
+1.98%
shares surged in the extended session Wednesday after the maintenance and cleaning products company’s results and outlook topped Wall Street expectations. WD-40 shares rallied more than 8% after hours, following a 2% rise in the regular session to close at $260.54. The company reported fiscal third-quarter net income of $21 million, or $1.52 a share, compared with $14.5 million, or $1.06 a share, in the year-ago period. Revenue rose to $136.4 million from $98.2 million in the year-ago quarter. Analysts surveyed by FactSet had forecast $1.15 a share on revenue of $108.3 million. “To reflect the strong sales results we experienced in the third quarter, we’ve increased our revenue expectations and believe that net sales are likely to be in a range of between $475 million to $490 million for the full fiscal year which reflects year-over-year sales growth of between 16 and 20 percent,” said Garry Ridge, WD-40 chairman and chief executive, in a statement. Analysts had forecast full-year revenue of $461.9 million. “As things get back to normal post the pandemic, consumer spending patterns will change again, and we expect consolidated net sales to grow in the mid to high single digits,” Ridge said.