WD-40 (NASDAQ: WDFC) issued its Q2 earnings report yesterday after the close of the market trading session -- and it wasn't full of great news. The top line was essentially flat as net sales dipped 0.5% to almost $79 million. Earnings came in at $0.51 per diluted share versus $0.52 per diluted share in the year-ago time frame.

Another negative aspect to the report was the statement of cash flows. WD-40 took in a lot less in terms of net cash from operations this time around, as changes in working capital and other items affected the flow. There's also a lot less cash on the balance sheet. And, sorry to say shareholders, but WD-40 missed analyst expectations by the proverbial penny. Investors shouldn't always be concerned with Wall Street expectations, but here's something that shareholders will be concerned with: the company lowered its earnings outlook. Management says that revenue growth will probably be somewhere between 4% and 8% as opposed to the originally expected range of between 7% and 10% -- any hopes for double-digit appreciation are now history. Net income per share is now expected to fall in a range between $1.80 and $1.90 versus a previous range of $1.83 and $1.93.

Well, now, what do we make of all this? It was a disappointing report, no question. But WD-40 has some decent brands in its portfolio, including the flagship lubricant, although its brand collection isn't necessarily on par with others, such as Procter & Gamble (NYSE: PG), Colgate-Palmolive (NYSE: CL), and Clorox (NYSE: CLX). WD-40 isn't the current best play in the consumer-goods department at the moment, in my humble opinion. Some will point out that the stock's yield is attractive right now at 3%, but its dividend history isn't as good as others in terms of quarterly hikes. I'm not very bullish on WD-40; maybe I will be at a later date.

Disclosure: I don't own shares in any of the companies mentioned; positions can change at any time.