Why WD-40 Stock Jumped Today
Shares of WD-40 Company (NASDAQ: WDFC) jumped on Wednesday after the company reported financial results for its fiscal first quarter of 2024. The Q1 period ended in November and management loved what it saw. CEO Steve Brass kicked off the press release by saying, "We have started fiscal year 2024 firing on all cylinders." The market seems to agree and WD-40 stock is consequently up 16% as of 11:15 a.m. ET.
WD-40 mostly sells lubricants, including its eponymous WD-40 brand. Sales can grow in two primary ways: A company can raise prices or sell more stuff. Selling more stuff (increasing sales volume), however, is often seen as the better of the two because it's a marker of consumer demand.
In Q1, net sales for WD-40 were up 12% year over year to $140.4 million. And according to management, 65% of this growth was thanks to higher sales volume, which is why the market is so encouraged by these results.
Source Fool.com
