Why WD-40 Company Stock Is Climbing
WD-40 Company (NASDAQ:WDFC) shares are trading higher Wednesday after the company reported better-than-expected first-quarter financial results.
The Details:
WD-40 reported first-quarter earnings of $1.28 per share, exceeding the analyst consensus estimate of $1.05 and quarterly sales of $140.42 million, marking a 12.43% increase year over year.
The company also reiterated its full-year 2024 outlook which includes net sales of between $570 million and $600 million on a non-GAAP constant currency basis and diluted earnings per share between $4.78 and $5.15.
“We’re off to a very solid start in fiscal year 2024 and we are pleased to see sales volumes continue to recover as well as continued improvement in our gross margin,” said Sara Hyzer, CFO of WD-40 Company.
WD-40 shares are climbing on heavy trading volume following the earnings report. According to data from Benzinga Pro, more than 377,000 shares have been traded in the session, compared to the stock’s 100-day average of less than 127,000 shares.
WD-40 shares are trading above the stock’s 50-day moving average of $231.90 and set a new 52-week intraday high of $278.78 on Wednesday.
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WDFC Price Action: According to Benzinga Pro, WD-40 Company shares are up 12.6% at $266.42 at the time of publication.
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