WD-40 (NASDAQ:WDFC) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

WD-40 (NASDAQ:WDFC) issued its earnings results on Wednesday. The specialty chemicals company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07, Briefing.com reports. The firm had revenue of $155.05 million during the quarter, compared to analyst estimates of $145.80 million. WD-40 had a net margin of 12.07% and a return on equity of 32.43%. The business’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 earnings per share. WD-40 updated its FY24 guidance to $5.00-5.30 EPS and its FY 2024 guidance to 5.000-5.300 EPS.

WD-40 Stock Up 4.8 %

Shares of WDFC stock traded up $11.04 during mid-day trading on Friday, hitting $239.67. The stock had a trading volume of 140,202 shares, compared to its average volume of 115,713. The firm has a market capitalization of $3.25 billion, a P/E ratio of 44.92 and a beta of -0.07. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.56. WD-40 has a 12-month low of $194.09 and a 12-month high of $278.78. The firm’s 50-day moving average is $226.31 and its two-hundred day moving average is $243.06.

WD-40 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 19th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Friday, July 19th. WD-40’s dividend payout ratio (DPR) is presently 69.16%.

Wall Street Analysts Forecast Growth

Separately, DA Davidson lowered their price objective on shares of WD-40 from $313.00 to $303.00 and set a “buy” rating for the company in a research report on Thursday.

Insider Activity

In other WD-40 news, CEO Steven A. Brass bought 432 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were bought at an average cost of $232.22 per share, for a total transaction of $100,319.04. Following the acquisition, the chief executive officer now directly owns 20,547 shares in the company, valued at $4,771,424.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other WD-40 news, CFO Sara Kathleen Hyzer acquired 213 shares of WD-40 stock in a transaction that occurred on Thursday, May 9th. The stock was bought at an average price of $232.83 per share, with a total value of $49,592.79. Following the completion of the purchase, the chief financial officer now directly owns 2,676 shares of the company’s stock, valued at approximately $623,053.08. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven A. Brass bought 432 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were bought at an average cost of $232.22 per share, for a total transaction of $100,319.04. Following the transaction, the chief executive officer now directly owns 20,547 shares in the company, valued at approximately $4,771,424.34. The disclosure for this purchase can be found here. Insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. APG Asset Management US Inc. purchased a new position in shares of WD-40 in the 4th quarter worth approximately $38,142,000. Norges Bank acquired a new stake in WD-40 in the fourth quarter valued at approximately $19,697,000. Jupiter Asset Management Ltd. purchased a new position in WD-40 in the first quarter worth $20,491,000. Comerica Bank acquired a new position in shares of WD-40 during the third quarter worth $6,223,000. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of WD-40 during the 1st quarter valued at $4,180,000. 91.52% of the stock is owned by institutional investors.

WD-40 Company Profile

WD-40 Company develops and sells maintenance products, and homecare and cleaning products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides multi-purpose maintenance products that include aerosol sprays, non-aerosol trigger sprays, precision pens, and in liquid-bulk form products under the WD-40 Multi-Use brand name; specialty maintenance products, such as penetrants, degreasers, corrosion inhibitors, greases, lubricants, and rust removers under the WD-40 Specialist brand; and bike-specific products.