Earnings Up for WD-40

Net income for WD-40 reached $11.5 million for the quarter ending Aug. 31, up 42 percent from the year earlier quarter.

It was the fourth quarter of the fiscal year for the San Diego-headquartered company. Net income for the fiscal year ending Aug. 31 reached $43.7 million, up 9.8 percent from its fiscal 2013 results.

For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales reached $85.2 million for the fourth fiscal quarter, up 4.5 percent from the year-ago period. The products global sales for the full fiscal year topped $337.8 million, up almost 5.3 percent from the previous fiscal year.

The companys net sales reached $97.6 million for the quarter, up 4.4 percent from the year earlier quarter. Net sales for WD-40s fiscal year ending Aug. 31 totaled $383 million, up 3.9 percent from the previous fiscal year.

We had a good quarter and a good year and are pleased we have been able to maintain sustainable growth across our core business globally, Garry Ridge, WD-40s president and chief executive officer said in a news release. While we saw both positive and negative impacts from changes in foreign currency exchange rates, we had local currency growth across key markets, and the fourth quarter was our highest revenue quarter in history.

Diluted earnings per share was 77 cents in the fourth quarter, compared to 53 cents in 2013s fourth fiscal quarter. For fiscal year 2014, WD-40s diluted earnings per share reached $2.87, compared to $2.54 in the prior fiscal year.

For the 2014 fiscal year, the Americas accounted for 47 percent of total sales, Europe-Middle East-Africa 40 percent and Asia-Pacific 13 percent. Fourth quarter sales in the Americas declined 2 percent to $46.4 million. Fiscal year 2014 sales in the Americas remained virtually unchanged at $180.8 million.

The decline in sales in the Americas in the fourth fiscal quarter was primarily due to the timing of promotional activities in the U.S. and certain short-term factors, including temporary shifts in distribution, which negatively impacted sales in Canada, WD-40 stated.