WD-40 posted net income of $10.4 million for the quarter ending May 31, up 1 percent from the year-ago period, with net sales up 3 percent at $95.7 million.
Earnings reached 69 cents per diluted share in WD-40s fiscal third quarter, compared to 66 cents per share in the year-earlier period. San Diego-headquartered WD-40s fiscal year runs from Sept. 1 to Aug. 31.
WD-40s fiscal third quarter sales in the Americas declined 5 percent to $45.1 million, sales in Europe rose 12 percent to $36.7 million and Asia-Pacific results increased 10 percent to $13.9 million, compared to year-earlier results.
For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales reached $84.8 million, up 3 percent from sales in the same quarter in 2013.
While we continue to see fluctuations and uncertainty in certain input costs, we believe we can continue to maintain our gross margins and achieve solid operating results despite additional expenses that come with global growth, such as those associated with operational enhancements and the protection of our intellectual property rights, said WD-40 President and CEO Garry Ridge. As the opportunities for infringement of our trademarks and copyrights grow across the globe, we continue to put more resources into protecting these intellectual property rights to protect our brands for the future.