WD-40 Company (WDFC) is taking a hit Friday after delivering first-quarter results that didn't quite measure up to Wall Street's expectations.

The company behind that iconic blue-and-yellow can reported earnings per share of $1.28, missing the consensus estimate of $1.36. Revenue wasn't much better, coming in at $154.42 million versus the $155.08 million analysts were looking for.

But here's the thing: it wasn't all bad news. Total net sales actually climbed 1% year-over-year, with maintenance product sales up 2%. The real bright spot? An 8% jump in direct markets, though distributor markets softened enough to partially offset those gains. The company's gross margin also improved to 56.2% from 54.8% in the prior-year quarter, which is a meaningful expansion.

At the time of writing, WD-40 shares were trading 3.84% lower at $195.69.