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WD-40 shares slide after reporting weak quarterly results

Brian Staring of Australia and Team WD40 Kawasaki.
Getty Images

Shares of WD-40 slid 10 percent on Tuesday after the firm's quarterly results disappointed Wall Street analysts.

The lubricant maker reported fiscal 2017 first-quarter earnings per share of 82 cents on Monday, with analysts polled by Reuters expecting earnings of 87 cents per share. Quarterly sales also fell short of expectations.

"As a global company that generates nearly 40 percent of its sales in currencies other than the U.S. dollar, foreign currency exchange headwinds continue to have an impact on our reported results," CEO Garry Ridge said in a statement.

"Even though the global nature of our business exposes us to some currency risk, our geographically diversified business also acts as a natural hedge which can cushion us from the impact of localized events," Ridge said.

The U.S. dollar has rallied nearly 4 percent against six other currencies since the U.S. presidential election on Nov. 8.

Dollar since Nov. 8Source: FactSet