UPDATE: WD-40 FQ4 Profit Down 12%

WD-40 Co

reported a 12% drop in its fiscal fourth-quarter earnings. For full fiscal year, WD-40 expects earnings of $2.31 to $2.40 per share on net sales of $356 million to $370 million. However, analysts were expecting earnings of $2.56 per share on revenue of $369 million. WD-40's quarterly profit fell to $9 million, or $0.56 per share, from $10.2 million, or $0.61 per share, in the year-ago period. Its revenue dropped 6.5% to $84.9 million. However, analysts were expecting earnings of $0.70 per share on revenue of $94 million. WD-40's gross margin climbed to 49.4% from 48.2%.