WD-40 Co. reported net income of $12.6 million for the quarter ending Nov. 30, a 6.8 percent increase from a year earlier.
For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales reached $88 million for the first fiscal quarter, up 11.1 percent from a year earlier. The company attributed the increase primarily to strong sales of its WD-40 Multi-Use and WD-40 Specialist products. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.
Compared to year-earlier results, net sales in the Americas increased 8 percent to $46.1 million. WD-40 said the increase was primarily due to strong maintenance product sales in the United States, Latin America and Canada.
Sales in Europe, the Middle East and Africa increased 16 percent to $35 million, which was attributed to strong maintenance product sales in both the European direct and distributor markets. Asia-Pacific sales increased 2 percent to $16.4 million, which the company said was due to an increase in sales in the Asia-Pacific distributor market, driven by a higher level of promotional activities.
WD-40 President and CEO Garry Ridge noted in the companys earnings news release that, for the first time in a long time, foreign currency exchange rates are not diluting out reported net sales results. In its January 2017 earnings news release, Ridge pointed out that as a global company, WD-40 generates nearly 40 percent of its sales in currencies other than the U.S. dollar.