WD-40 Co. (WDFC) Misses Q1 EPS by 7c, Reiterates Fiscal Year 2023 Guidance

WD-40 Co. (NASDAQ: WDFC) reported Q1 EPS of $1.02, $0.07 worse than the analyst estimate of $1.09. Revenue for the quarter came in at $124.9 million versus the consensus estimate of $141.5 million.

Reiterated Fiscal Year 2023 Guidance:

The Company reiterated the following guidance for fiscal year 2023:

• Net sales growth is projected to be between 5 and 10 percent with net sales expected to be between $545 million and $570 million.
• Gross margin percentage for the full year is expected to be between 51 and 53 percent.
• Advertising and promotion investments are projected to be between 5.0 and 6.0 percent of net sales.
• The provision for income tax is expected to be around 22 percent.
• Net income is projected to be between $69.0 million and $71.0 million.
• Diluted earnings per share is expected to be between $5.09 and $5.24 based on an estimated 13.6 million weighted average shares outstanding.

This guidance is expressed in good faith and is based on management’s current view of anticipated results. Net sales guidance was calculated using recent foreign currency exchange rates and reflects currency headwinds of approximately 5 percent. This guidance does not include any future acquisitions or divestitures. Unanticipated inflationary headwinds, COVID-19 related impact, and other unforeseen events may further affect the Company’s financial results.

For earnings history and earnings-related data on WD-40 Co. (WDFC) click here.

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