WD-40 share price rockets

WD-40 shares jumped by more than 10% after it reported its third quarter financial results for 2023.

The company reported earnings of $141.7million, climbing 14.6% year-on-year, at $1.38 per share.

WD-40’s results outshone the earnings estimate of $1.22 per share on revenue of $138.4 million.

Its year-to-date sales were $396.8 million, a 2% increase compared to the same period last year.

“I am happy to share with you that after two quarters of flat-to-down sales, we have returned to solid top line growth in the third fiscal quarter,” WD-40 CEO Steve Brass said in a statement.

“We target a compound annual growth rate for maintenance product revenue in the mid-to-high single digits on a constant currency basis. Achieving year to date growth of 7% in constant currency is in-line with our long-term objectives.”

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