WD-40 Co rises on higher Q2 earnings

WD-40 Co

07/04/2022 21:38

** Shares in household products co  WDFC.O  up ~10% at
$194.91 in extended trading 
    ** WDFC says Q2 net sales rose 16% to $130 mln, while it
still continues to face a challenging inflationary environment
    ** Q2 net income rose to $19.5 mln, or $1.41 per share, from
$17.2 mln, or $1.24 per share, a year earlier  urn:newsml:reuters.com:*:nPn5XGB9na
    ** "We will restore our gross margin over the near-term by
implementing price increases to offset the higher input costs we
are experiencing" - CEO Garry Ridge
    ** However, co cut full-year profit forecast to be between
$5.14 and $5.27 per share, compared to prior forecast of $5.24 -
$5.38 per share
    ** Up to Thursday's close, stock had fallen ~29% this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))