WD-40 Company (Nasdaq: WDFC) posted worse than expected fiscal second quarter earnings results and cut its full-year revenue outlook, sending its shares plunging in aftermarket trading.

Written by StockNews.com

The San Diego-based maintenance and cleaning products maker reported:

• Q2 earnings per share (EPS) of $0.87, which was $0.03 worse than the Wall Street consensus estimate of $0.90.
• Revenues rose 2% from last year to $96.5 million, also falling short of analysts’ $99.8 million view.

Looking ahead, WD-40:

• forecast full-year 2017 EPS of $3.64 to $3.71, which is in-line with the $3.65 that Wall Street is looking for.
• 2017 revenues are seen rising 2% to 4%, to about $390 to $395 million, down from a prior outlook of $395 to $404 million. Analysts expect $395.62 million for the year.

 Said Garry Ridge, WD-40 Company’s president and chief executive officer:

“Fluctuating foreign currency exchange rates continue to obscure the true strength of our business and they negatively impacted both our top-line and bottom line results in the second quarter.

Even with the impacts of foreign currency headwinds included, we had 4% growth in sales of our maintenance products, which continue to be our core strategic focus, and a% increase in operating income.

Our net income was negatively impacted as a result of fluctuations in some non-operating currency related items period over period, as well as an adjustment that we recorded to our income tax expense in the second quarter of this year.”

WD-40 Company shares fell $4.95 (-4.63%) to $102.00 in after-hours trading Thursday. Year-to-date, WDFC had declined -8.08% prior to today’s report, versus a 5.75% rise in the benchmark S&P 500 index during the same period.

WDFC currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #42 of 61 stocks in the Home Improvement & Goods category.