WD-40 Co. (NASDAQ: WDFC) shares were trading more than 11% lower after-hours following the company’s Q4 results announcement, with EPS coming in at $0.61, worse than the consensus estimate of $1.23.

Quarterly revenue grew 3% year-over-year to $115.2 million, lower than the consensus estimate of $117.47 million.

According to Garry Ridge, Chairman and CEO of WD-40, in Q4 the company made a decision to increase its investments in brand awareness and market penetration. While this decision negatively affected the company’s quarterly net income, Ridge believes investments in these key strategic areas will drive strong topline growth in the future.

The company provided its outlook for 2022, expecting net sales to be between $522 million and $542 million, and diluted EPS to range from $5.24 to $5.38. This compares to the consensus of $5.17.43 million and $5.76, respectively.