WD-40 (WDFC) gaps higher following impressive Q1 results today.

Earnings Report Highlights‍

• WD-40 reported earnings per share of $1.28, beating the analyst estimate for EPS.
• The company reported revenue of $140.42 million, which was better than the analyst estimate.

Financial Performance

• Total net sales for the quarter were up 15% compared to the prior year fiscal quarter.
• Year-to-date total net sales were up 2% compared to the prior year fiscal period.
• Gross margin was 50.6% in the third quarter compared to 47.7% in the prior year fiscal quarter.

Conclusion

WD-40’s latest earnings report shows that the company has exceeded expectations in the first quarter of 2024. The company’s earnings per share beat the analyst estimate, and the company reported revenue that was better than the analyst estimate. WD-40’s total net sales for the quarter were up 15% compared to the prior year fiscal quarter. The company’s gross margin was 50.6% in the third quarter compared to 47.7% in the prior year fiscal quarter. WD-40’s President and CEO, Steve Brass, stated that the company has returned to solid top-line growth in the third fiscal quarter after two quarters of flat-to-down sales. The company’s board of directors approved a new 50 million share buyback plan to replace the expiring plan.

WD-40’s financial performance in the first quarter of 2024 has been impressive, with the company beating analyst estimates for both earnings per share and revenue. The company’s total net sales for the quarter were up 15% compared to the prior year fiscal quarter, and gross margin was up as well. These results suggest that WD-40 is on a solid growth trajectory and is well-positioned to continue delivering strong financial results in the future.

Looking ahead, WD-40’s President and CEO, Steve Brass, has expressed confidence in the company’s ability to continue growing its top line. The company’s board of directors has also approved a new share buyback plan, which should help to support the company’s stock price going forward. Overall, it seems that WD-40 is in a strong position to continue delivering value to its shareholders in 2024 and beyond.