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: WD-40 stock falls 10% after big earnings miss

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Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

WD-40 Inc. shares dropped in the extended session Tuesday after the maintenance and cleaning products company’s quarterly results and earnings outlook fell below Wall Street estimates.

WD-40
WDFC,
+0.14%

shares fell 11% after hours, following a 0.1% rise in the regular session to close at $229.29.

The company reported fourth-quarter net income of $8.4 million, or 61 cents a share, compared with $19.7 million, or $1.42 a share, in the year-ago period.

Revenue rose to $115.2 million from $111.6 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast $1.24 a share on revenue of $117.5 million.

“The dynamics of the pandemic continue to create abnormal swings in our net sales results from period to period,” said Garry Ridge, WD-40 chairman and chief executive, in a statement.

WD-40 forecast earnings of $5.24 and $5.38 a share on revenue $522 million to $542 million for the year. Analysts had estimated $5.94 a share on revenue of $517.5 million for the year.

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