Elgin, Illinois-based Heritage-Crystal Cleans oil business segment, which includes used oil collection and rerefining activities, reported $30.6 million in revenues for the fiscal quarter ending Sept. 10, unchanged from the sales amount in the year-earlier period.

Joe Chalhoub, founder, president and CEO, said the company was pleased with the continued improvement in profitability of its oil business segment over the last two sequential quarters. During the third quarter, we realized the benefit of an improvement in our base oil spread, due primarily to higher base oil selling prices and a small improvement in our average used oil collection charge, Chalhoub said in the companys earnings news release.

As a whole, Heritage-Crystal Clean reported net income of $2.4 million, or 10 cents per diluted share, on sales of $81.9 million. That compared to almost $2.8 million in net income, or 12 cents per diluted share, on sales of $82.7 million, in 2015s third quarter.

In its earnings news release, the company noted that during its third fiscal quarter this year, the average spot market price for the type of lubricating base oil Heritage-Crystal Clean produces declined more than 11 percent compared to the third quarter of fiscal 2015. However, the company noted, the average spot market price during the third quarter was up approximately 10 percent compared to the second quarter of fiscal 2016.

During the third quarter of fiscal 2016, the company produced base oil at a rate of 92 percent of nameplate capacity of its Indianapolis rerefinery, which has 2,950 barrels per day of API Group II and 150 b/d of Group I production capacity. The decreased production rate was mainly due to a planned, extended shutdown during the fiscal third quarter, the rerefiner noted.

WD-40

San Diego-based WD-40 reported net income of $14.2 million for its fourth fiscal quarter, up 21 percent from the same period in 2015.

Net income for the fiscal year ending Aug. 31 totaled $52.6 million, up 17 percent from fiscal 2015.

For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales reached $86.5 million for the fourth fiscal quarter, up 8 percent. The products sales for the full fiscal year reached $340 million, up 2 percent.

The company reported overall net sales of $97.2 million for the quarter, up 6 percent. Net sales for WD-40s fiscal year ending Aug. 31 reached $380.7 million, up 1 percent.

Diluted earnings per share was 99 cents in the fourth fiscal quarter, up from 80 cents. For fiscal year 2016, WD-40s diluted earnings reached $3.64, compared to $3.04 in the prior fiscal year.

For the fourth fiscal quarter, the Americas accounted for 53 percent of total sales; Europe, the Middle East and Africa a combined 36 percent; and Asia-Pacific 11 percent. For fiscal year 2016, the Americas accounted for 50 percent of total sales; Europe, the Middle East and Africa a combined 36 percent; and Asia-Pacific 14 percent.

Fourth quarter sales in the Americas reached $51.6 million, up 7 percent. Fiscal year 2016 sales totaled $191.4 million, up 2.2 percent. The increase in maintenance product sales in the segment was driven primarily by increased sales in the United States, which benefited from a higher level of promotional activities for all maintenance products as well as expanded distribution of the WD-40 EZ Reach Flexible Straw product.