WD-40 3Q net earnings beat expectations; backs 2008 outlook

NEW YORK, Jul 03, 2008 (Thomson Financial via COMTEX) -- WDFC | Quote | Chart | News | PowerRating -- WD-40 Co. late Wednesday reported third-quarter net earnings rose to $8.1 million, or 49 cents a share, from $23 million, or 44 cents a share, a year earlier.

Analysts polled by Thomson Reuters, on average, expected a profit of 47 cents a share.

Revenue increased 6% to $82.1 million from $77.6 million, missing the $83.05 million mean estimate.

Sales growth was driven by an 8% increase in lubricant sales and a 5% rise in heavy-duty hand cleaner sales, offset by a 1% decline in household product sales, the company said. Rising commodities prices hurt WD-40's cost of goods.

The San Diego-based consumer products company backed its 2008 sales view of $320 million to $332 million, which brackets Wall Street's $325.1 million expectation.

The company said it expects earnings of $30 million to $31.2 million, or $1.78 to $1.85 a share, below the current mean view of $1.86 a share.

Shares of WD-40 closed the regular session at $27.09, down 3%. Michelle Rama mr/kh

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