WD-40 reported net income of $14.4 million for the quarter ending May 31, up 14 percent from a year earlier, with net sales up 2 percent at $98.2 million.
Earnings amounted to $1.02 per diluted share in the third fiscal quarter, up from 88 cents a year earlier. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.
Net sales were down 2 percent in the Americas at $49 million, up 4 percent in Europe, Middle East and Africa at $34.4 million, and up 8 percent in Asia-Pacific at $14.8 million.
In its earnings news release, the company said sales were down in the Americas primarily due to lower sales of maintenance products in the United States. This lower level of sales was primarily attributable to shifting buying patterns in some trade channels as well as efforts of certain of our customers to more closely manage their inventory levels, the company stated.
Net sales in the EMEA region increased thanks to a 16 percent increase in distributor sales in the region, primarily due to higher sales of WD-40 Multi-Use Product in Eastern Europe, particularly in Russia.
The Asia-Pacific net sales increase was attributed mainly to a 12 percent increase in sales in those distributor markets and a 6 percent increase in sales in China.
We had a solid quarter and are pleased that we achieved both sales and earnings results which reflect new record highs for the company, Garry Ridge, WD-40 president and CEO, said in a news release.