Though sales were up 3% and income increased 1% for WD-40 Company in the third quarter, shares for the lubricants and cleaner supplier were down more than 6% Thursday morning after management narrowed the full-year guidance.
Net sales for the quarter came in at $95.7 million, up from $93.1 million in the same quarter last year. This was largely carried by sales of multi-purpose maintenance products; sales of homecare and cleaning products decreased 1%.
The company's bottom line totaled $10.4 million for the third quarter, compared to $10.3 million in earnings in the 2013 quarter.
"We are pleased with the solid progress we have made for the year and remain confident that our strategic initiatives are well positioned to carry us into the future” said Garry Ridge, WD-40 Company’s president and CEO. “While we continue to see fluctuations in certain markets quarter to quarter, our long-term growth plans remain stable and we continue to deliver on our expectations.”
The updated fiscal year guidance points to net sales between $380 and $387 million — a growth rate of 3 to 5% — and net income between $41 and $43 million.