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  "documentTitle": "WD-40 Company (WDFC)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-02 00:00:00",
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      "text": "The CEO is adamant that recent results \"no way reflect a trend\".",
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      "text": "Net sales growth is projected to be between 3 and 7 percent... Gross margin percentage... 54 and 55 percent... Net income... $65.0 million and $66.2 million.",
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      "text": "Terrible Results In Q1 2020 Which Management Always Blames on Currencies",
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      "text": "Yet Somehow Management Remains Confident It Can Still Achieve Growth",
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      "text": "Total net sales for the first quarter were $98.6 million... Diluted earnings per share were $0.88... Gross margin percentage was 54.3 percent... Net sales in Asia-Pacific decreased 15 percent...",
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      "kind": "paragraph",
      "text": "Spruce Point believes that long-term fundamental challenges are already beginning to weigh on WD-40, and this is before the macro environment went from bad to horrible with the coronavirus.",
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      "kind": "quote",
      "text": "Our guidance reflects the Company's current view of the business... We remain comfortable with our current guidance range and are reiterating it today.",
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      "kind": "quote",
      "text": "CEO Ridge on Conference Call: \"Though these results may look disappointing, they no way reflect a trend.\"",
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      "text": "\"Our guidance reflects the Company's current view of the business,\" said Jay Rembolt, WD-40 Company's vice president and chief financial officer. \"The revenue softness we experienced in the first quarter was primarily driven by the timing of customer orders and we expect that sales activity will shift into later quarters. We remain comfortable with our current guidance range and are reiterating it today.\" — Jay Rembolt; \"Though these results may look disappointing, they no way reflect a trend. In fact, we see lots of opportunities for growth as we continue to maximize the product line through geographic expansion, increased market penetration and premiumization of the blue and yellow can with a little red top\". — CEO Ridge",
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      "text": "Source: Q1 2020 press release and conference call",
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      "kind": "title",
      "text": "Already Missing Targets Before Things Went From Bad To Horrible",
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