WD-40 results lag estimates on lower sales in Europe
Oct 15 (Reuters) - Lubricants maker WD-40 Co reported lower-than-expected fourth-quarter results as sales in Europe fell 17 percent, and the company forecast fiscal 2013 below analysts' estimates.
Shares of WD-40 were down 8 percent after the bell on Monday. They closed at $51.34 on the Nasdaq.
Sales in Europe, which contributes one-third of total sales, fell to $28.7 million.
The company also said some of its sales in the region were pushed into the first quarter of fiscal 2013.
The company competes with Clorox Inc and Church & Dwight Co and its WD-40, 3-IN-ONE Oil, and Blue Works lubricants account for most of the company's sales.
WD-40 expects earnings of between $2.31 per share and $2.40 per share on sales of between $356.0 million and $370.0 million for fiscal 2013.
Analysts on average were looking for a profit of $2.56 per share on revenue of $369.3 million for the period, according to Thomson Reuters I/B/E/S.
Fourth-quarter profit fell to $9.0 million, or 56 cents per share, from $10.2 million, or 61 cents per share, a year earlier.
Sales fell about 6 percent to $84.9 million.
Analysts on average had expected earnings of 70 cents per share, on revenue of $93.7 million.
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