WD-40 Reports Mixed Growth

WD-40 posted $10.3 million in net income for the quarter ending Feb. 28, down 1 percent from the year-ago period, with net sales up 9 percent at $94.2 million.

Earnings per share reached 67 cents per diluted share in WD-40s fiscal second quarter, unchanged from the year-earlier period. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.

During the second quarter, sales for WD-40 in the Americas grew 12 percent to $45.2 million, sales in Europe, Middle East, Africa and India rose 16 percent to $38.1 million, and Asia-Pacific sales declined 21 percent to $10.9 million, all compared to year-earlier results.

We had strong sales in the Americas and EMEA during the quarter that more than offset declines in Asia-Pacific, WD-40 President and CEO Garry Ridge said in an earnings press release. The sales declines in Asia-Pacific were due to a larger than normal backlog of orders that we were unable to ship during the quarter, and the impacts of foreign currrency exchange rates from our Australian operations, as well as the softening economy and ongoing variability of the China market.

For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales reached $83.8 million, up 11 percent from the same quarter in 2013.