WD-40 Q3 net sales down 9%, EPS $1.07; cuts FY gross margin guidance to ~50%

WD 40 CO

2022-Q3 EPS reported $3.82 revenue$388,399,000

Q3 net sales $123.7M (-9% YoY); net income $14.5M (-31%); GAAP EPS $1.07 vs $1.52.
Gross margin fell to 47.7% from 53.1%; management attributes to inflation and COVID-19 lockdowns in China.
Americas segment +2%, EMEA -16% (Russia suspension), Asia-Pac -28% (Shanghai lockdowns).
Full-year guidance: net sales $519-532M (+6-9% growth), gross margin ~50%, EPS $5.02-$5.10.
Quarterly dividend maintained at $0.78; $4.2M in share repurchases during Q3; $52.6M remaining.

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