WD-40 Third Quarter Profit Rises On Sales Growth

July 2, 2008 8:23 p.m. EST

San Diego, CA (AHN) - WD-40 Co. reported third quarter earnings Wednesday that rose roughly 6 percent on growth in lubricant and heavy duty hand cleaner sales.

The consumer products company said net income rose to $8.1 million or 49 cents a share, compared with $7.6 million or 44 cents a share a year earlier.

Revenue rose 6 percent to $82.1 million from $77.6 million registered in last year's third quarter.

Analysts polled by Thomson Financial were expecting 47 cents a share on revenue of $83.1 million.

The company said sales in every region rose in the third quarter. Lubricant sales rose 8 percent while heavy duty hand cleaners rose 5 percent.

WD-40 issued earnings estimates for full year 2008 that were below analyst expectations. The company said it expects to make $1.78 to $1.85 a share on revenue ranging from $320 million to $332 million.

Analysts are looking for $1.86 a share on revenue of $325.1

Shares of WD-40 (WDFC) dropped 3 percent to $27.09 in Wednesday trading.