WD-40 Company (NASDAQ:WDFC) stock rocketed after it reported third quarter financial results for fiscal year 2023 that saw it handily beat Wall Street estimates on revenue and profits.
For the period ended May 31, 2023, the San Diego, California-based company reported earnings of $1.38 per share on revenue that jumped 14.6% on a year-over-year basis to $141.7 million.
WD-40’s results outshone the consensus earnings estimate of $1.22 per share on revenue of $138.4 million.
Investors reacted to the news, sending shares up 18.4% to $229.45 in morning trade on the tech dominated Nasadq.
"I am happy to share with you that after two quarters of flat-to-down sales, we have returned to solid top line growth in the third fiscal quarter," WD-40 CEO Steve Brass said in a statement.
He noted that as a global company with more than half of its revenue generated in currencies other than the US dollar, WD-40 is exposed to vagaries of changing foreign currency exchange rates.
Still, despite foreign currency fluctuations, WD-40 said it expects fiscal 2023 earnings of $4.80 to $5 per share on revenue of $535 million to $560 million for the year ending August 31, 2023.
The company manufactures lubricants and cleaners, offering maintenance products under its WD-40 brand for household, marine, automotive, construction, repair, sporting goods, gardening, and industrial applications.
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