* Fourth-quarter earnings/shr $0.56 vs est $0.70
* Fourth-quarter sales $84.9 mln vs est $93.7 mln
* Sees fiscal 2013 earnings/shr $2.31 to $2.40 vs est $2.56
* Sees fiscal 2013 sales $356 mln to $370 mln vs est $369.3
* Shares fall 9 pct after the bell
Oct 15 Lubricants maker WD-40 Co
reported lower-than-expected fourth-quarter results due to a
fall in sales in Europe, and the company forecast fiscal 2013
results below analysts' estimates.
Shares of WD-40 were down 9 percent at $46.60 after the bell
on Monday. They closed at $51.34 on the Nasdaq.
Sales in Europe, which contributes one-third of total sales,
fell 17 percent to $28.7 million.
"It seems pretty clear that the macroeconomic conditions,
particularly outside of the United States weighed on sales
trends," Stephens Inc analyst Eric Hollowaty said.
The company also said some of its sales in Europe were
pushed into the first quarter of fiscal 2013.
The Asia-Pacific segment that brings in about 12 percent of
revenue recorded a 3 percent dip in sales to $9.4 million.
Analyst Hollowaty said softness in industries such as
construction and manufacturing, which constitute key customer
bases for the company, has rippled through WD-40's results.
WD-40 competes with Clorox Inc and Church & Dwight
The company's namesake lubricant WD-40 is a spray lubricant
that protects surfaces from moisture. Founded in 1953, it was
first used to repel water and prevent corrosion in missiles and
was later found to have various household uses.
WD-40, 3-IN-ONE Oil, and Blue Works lubricants account for
most of the company's sales.
WD-40 said it expects fluctuations in input costs, global
economic volatility and turbulent business conditions in Europe
to continue for the foreseeable future.
The company forecast 2013 earnings of between $2.31 and
$2.40 per share on sales of between $356.0 million and $370.0
Analysts on average were looking for a profit of $2.56 per
share on revenue of $369.3 million, according to Thomson Reuters
Fourth-quarter profit fell to $9.0 million, or 56 cents per
share, from $10.2 million, or 61 cents per share, a year
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.