RTTNews | Oct 20, 2020 05:23PM EDT

17:23 Tuesday, October 20, 2020 (RTTNews.com) - WD-40 Company (WDFC) reported fourth-quarter net income of $19.67 million or $1.42 per share, up from $8.58 million or $0.63 per share last year.

Net sales for the fourth quarter increased 5% to $111.6 million from $106.7 million last year.

Analysts polled by Thomson Reuters expected earnings of $1.13 per share on revenues of $98.8 million. Analysts' estimates typically exclude special items.

CEO Garry Ridge said, "An unexpected developing trend we experienced in the fourth quarter was an increase in demand for products linked to renovation trends associated with the COVID-19 pandemic. It seems that the more time people spend isolated in their homes, the more time and money they spend making home improvements. We are calling this trend, 'isolation renovation' and in nearly all our direct markets we saw double-digit sales growth of WD-40 Multi-Use Product due to this phenomenon."

WDFC closed Tuesday's trading at $197.50, up $1.75 or 0.89%, on the Nasdaq. The stock further gained $20.51 or 10.38% in the after-hours trading.

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