WD-40 Q1 Profit Down

(RTTNews) - WD-40 Co. (WDFC) Thursday reported first-quarter profit rose of $18.56 million or $1.34 per share, down from $23.62 million or $1.72 per share last year.

Net sales for the first quarter increased 8% to $134.75 million from $124.56 million last year.

"Our maintenance products delivered solid sales increases in the first quarter including 14 percent growth of WD-40 Multi-Use Product," said CEO Garry Ridge. "We are pleased with our topline results in the quarter, but we are facing a volatile and challenging environment that is deteriorating our gross margin and causing disruptions to our supply chain."

Looking forward, the company now expects full year 2022 earnings of $5.24 to $5.38 per share and net sales growth is projected to be between 7 and 12 percent with net sales expected to be between $522 million and $547 million.