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Why WD-40 Company Stock Crashed on Friday

Rich Smith, The Motley Fool
·2-min read

Shares of lubrication specialist WD-40 Company (NASDAQ: WDFC) lost their grip on Friday, sliding by 12.6% as of 11 a.m. ET after the company reported deep declines in both sales and earnings for its fiscal 2022 third quarter, which ended May 31. Ahead of the report, analysts had forecast that WD-40 would earn $1.27 per share -- already significantly less than the $1.52 per share it earned a year ago. In fact, WD-40 earned a mere $1.07 per share, and on sales of only $123.7 million -- a nearly $13 million drop from the year-ago quarter.

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