WD-40 Co (NASDAQ:WDFC) stock rose 3.06% (As on July 11, 11:54:51 AM UTC-4, Source: Google Finance) after the company reported fiscal third-quarter results that beat analysts’ expectations. Net sales in the Americas increased 6 percent in the third quarter compared to the prior year fiscal quarter primarily due to an increase in net sales of WD-40 Multi-Use Product of 7 percent. WD-40 Multi-Use Product sales increased most significantly in Latin America, which were up $5.4 million, and were partially offset by lower sales in the United States and Canada, which were down by $1.0 and $0.3 million, respectively. Americas WD-40 Specialist increased 10 percent primarily due to new distribution and the timing of customer orders in the United States. Net sales in EIMEA increased 13 percent in the third quarter compared to the prior year fiscal quarter primarily due to an increase in net sales of WD-40_® Multi-Use Product of 17 percent. WD-40_® Multi-Use Product sales increased most significantly in France and Italy, which were up $1.4 million and $1.2 million, respectively, as well as Benelux and Poland, which were each up $1.1 million from the prior quarter of the previous fiscal year. Net sales in Asia-Pacific increased 14 percent in the third quarter compared to the prior year fiscal quarter primarily due to an increase in sales of WD-40 Multi-Use Product of 11 percent. WD-40 Multi-Use Product sales increased most significantly in China and the Asia distributor markets, which were up $1.0 million and $0.4 million, respectively. Homecare and cleaning product sales, which remain strategic focus for the Company in this segment, increased 28 percent due to higher sales volume in Australia attributable to successful promotional activities and improved packaging.

WDFC in the third quarter of FY 24 has reported the adjusted earnings per share of $1.46, beating the analysts’ estimates for the adjusted earnings per share of $1.39, according to FactSet. The company had reported the adjusted revenue growth of 9 percent to $155 million in the third quarter of FY 24, beating the analysts’ estimates for revenue of $145.8 million.

For fiscal 2024, Net sales growth is projected to be between 6 and 12 percent with net sales expected to be between $570 million and $600 million on a non-GAAP constant currency basis, gross margin for the full year is expected to be between 51.5 and 53 percent and diluted earnings per share is expected to be between $5.00 and $5.30.