WD-40 Co. (WDFC) Tops Q1 EPS by 69c, Revenues Beat; Offers FY21 Revenue Guidance Above Consensus
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WD-40 Co. (NASDAQ: WDFC) reported Q1 EPS of $1.72, $0.69 better than the analyst estimate of $1.03. Revenue for the quarter came in at $124.6 million versus the consensus estimate of $106.85 million.
"We offer a variety of maintenance and cleaning products that have been in very high demand during these highly unusual times," said Garry Ridge, WD-40 Company's chairman and chief executive officer. "Our sales increased 26 percent compared to the first quarter of last year due primarily to increased demand for our products linked to renovation trends associated with the pandemic. We call this phenomenon 'isolation renovation\' and we are experiencing it in nearly all of our direct markets around the world."
"This tremendous result is due to our tribe\'s hard work and dedication to delivering product to meet these increased consumer demands. I want to thank the tribe for working hard to ensure that customer orders can be fulfilled, production lines at our third-party manufacturers are functioning, and customers and end-users can get the products they need."
"We are off to a very strong start in fiscal year 2021. However, due to the fluidity with which the pandemic continues to evolve, it is very difficult for us to estimate how the pandemic might impact our sales results for the remainder of the fiscal year. If there is a shift in spending patterns or a global economic downturn in the wake of the pandemic it could adversely impact our financial results," Ridge concluded.
WD-40 Co. sees FY2021 revenue of $435-470 million, versus the consensus of $426.24 million.
Fiscal Year 2021 Guidance
Current market conditions suggest that for fiscal year 2021 total net sales are expected to be between $435 million and $470 million. Due to the uncertainty that the pandemic continues to present, the Company is not issuing comprehensive financial guidance for fiscal year 2021.
This net sales guidance is expressed in good faith and is believed by the Company to have a reasonable basis; however, it is not possible to predict with any reasonable degree of certainty the actual impact that the pandemic may have on the Company\'s fiscal year 2021 net sales results.
For earnings history and earnings-related data on WD-40 Co. (WDFC) click here.
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