Shares of WD-40 Company (NASDAQ: WDFC) dropped 10.7% in April, according to data provided by S&P Global Market Intelligence. And I admit that the downward move is a head-scratcher. If someone would have asked me, I would have guessed the stock would have gone up during the month because it raised its financial guidance.

On April 8, WD-40 reported financial results for its fiscal second quarter of 2024 (the period that ended Feb. 29). The company's financial results were about what investors had expected. But for the year, management raised its guidance for its earnings per share (EPS).

Previously, WD-40's management had expected EPS of $4.78 to $5.15. But after its Q2 report, it raised its full-year EPS sguidance to $5.00-$5.30. Given this small raise, I would have expected WD-40 stock to rise for the month, not fall 11%.

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Source Fool.com