By Christiana Sciaudone
- WD-40 dropped 5.1% Friday after reporting slumping sales and profit for the fiscal third quarter.
Profit dropped 20%, to $14.5 million, for the quarter compared to a year earlier. Year-to-date, profit of $41 million is down 13%.
Third quarter fiscal net sales were down 14%, to $98.2 million, compared a year earlier, and year-to-date revenue dropped 6% to $296.9 million from the previous period in 2019. Sales from abroad -- the company operates in 176 countries -- also hurt net sales as a result of currency woes.
The company also cut advertising and sales promotion expenses, down 24 percent.
WDFC has one buy rating and one hold, with an average price target of $201.
