WD-40 Co. (WDFC) Misses Q2 EPS by 8c
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WD-40 Co. (NASDAQ: WDFC) reported Q2 EPS of $1.24, $0.08 worse than the analyst estimate of $1.32. Revenue for the quarter came in at $111.9 million versus the consensus estimate of $114.33 million.
"We continue to experience very high demand for our maintenance products due to renovation trends associated with the pandemic, or what we call isolation renovation,\" said Garry Ridge, WD-40 Company's chairman and chief executive officer. "In addition, we are seeing improved market conditions due to a reduction of COVID-19 lockdown measures in many markets, particularly in China, as well as increased sales through the ecommerce channel."
"However, the pandemic has also caused some disruptions and constraints to our supply chain, primarily in the Americas, which impacted our ability to meet the increased end user demand we experienced in the United States during the second quarter. Despite these supply chain challenges in the United States, we continue to experience very strong point-of-sale end user demand for our maintenance products. We are working to address the supply chain challenges and there is a recovery plan underway which we expect will result in improved conditions in the back half of the year."
"We are off to a very strong start in the first half of fiscal 2021. Keeping up with demand in a COVID environment has been a challenge, but we\'ve increased our revenue expectations and believe that net sales are likely to be in a range of between $445 million to $475 million for the full fiscal year. This upward revision is driven primarily by favorable changes in foreign currency exchange rates. Additionally, over the long-term, we are optimistic that many of the new end users who have interacted with our products during the pandemic will become permanent users of our maintenance and homecare solutions," Ridge concluded.
For earnings history and earnings-related data on WD-40 Co. (WDFC) click here.
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