Profit, Revenue up for WD-40

WD-40 Co. reported $10.8 million in net income for the quarter ending Nov. 30, up 6 percent from a year earlier.

For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales reached $84.9 million in net sales for its first fiscal quarter, up 1 percent from the same period a year earlier. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.

Compared to year-earlier figures, fiscal first-quarter sales in the Americas rose 2 percent to $44.8 million, sales in the Europe, Middle East and Africa segment declined 5 percent to $34.6 million, and Asia-Pacific sales jumped up 14 percent to $17 million.

During the quarter we experienced slow but steady growth of our multi-purpose maintenance products, WD-40 President and CEO Garry Ridge said in the companys earnings news release. We did experience a decline in sales in our European markets, and weve linked that decline to the unfavorable impact of foreign currency exchange rates, particularly the euro and U.S. dollar relative to the pound sterling, as well as the timing of customer orders within that region.

Earnings per share declined to 73 cents per diluted share for the quarter, compared to 75 cents a year earlier.