WD-40 Co. (WDFC) Tops Q4 EPS by 29c
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WD-40 Co. (NASDAQ: WDFC) reported Q4 EPS of $1.42, $0.29 better than the analyst estimate of $1.13. Revenue for the quarter came in at $111.6 million versus the consensus estimate of $98.8 million.
"Fiscal year 2020 brought us many unexpected challenges but it also brought many unexpected opportunities," said Garry Ridge, WD-40 Company's chairman and chief executive officer. "As a global business that sells products in more than 176 countries and territories around the world, each of our markets were impacted differently by the COVID-19 pandemic and therefore our sales results varied greatly between geographies. In geographies where retail operations remained open and where we were able to leverage our strong digital presence, we saw strong sales growth. However, in markets with strict movement restrictions in place or less developed e-commerce adoption, our sales were challenged."
"An unexpected developing trend we experienced in the fourth quarter was an increase in demand for products linked to renovation trends associated with the COVID-19 pandemic. It seems that the more time people spend isolated in their homes, the more time and money they spend making home improvements. We are calling this trend, 'isolation renovation' and in nearly all our direct markets we saw double-digit sales growth of WD-40 Multi-Use Product due to this phenomenon."
"I also want to take this opportunity to thank our tribe for their commitment during these challenging times. Thank you for working hard to ensure that customer orders were obtained, production lines were functioning, orders were fulfilled, and customers and end-users were getting the products they need. 2020 has been challenging but we have successfully been able to stabilize, secure, and reset our business so that we will thrive in the future," concluded Ridge.
For earnings history and earnings-related data on WD-40 Co. (WDFC) click here.
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