WD-40 plunges after cutting sales, profit forecasts

WD-40 Co

08/07/2022 14:54

** Shares of home cleaning products maker WD-40 Co  WDFC.O 
sink as much as 13.8% to an over one-month low of $176.54    
    ** WDFC cuts FY sales and profit forecast, blaming slowing
demand and cost inflation eating into margins   urn:newsml:reuters.com:*:nPn6PXSRCa   
    ** Co now expects FY net sales of $519 mln to $532 mln vs
previous forecast of $522 mln to $547 mln
    ** Cuts FY EPS forecast to $5.02-$5.10 from $5.14-$5.27
    ** D.A. cuts PT on stock by $3 to $169 - a 17.5% discount to
stock's last close
    ** WDFC last down ~12% and set for its biggest one-day pct
drop since April 2020, if losses hold
    ** Stock has now lost more than a quarter of its value YTD

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))