WD-40 income rises 61%
WD-40 Company reported net sales for its fiscal 2013 first quarter of $95.3 million, an increase of 12% from the first quarter last year.
Net income was $10.9 million, an increase of 61% compared to the prior year fiscal quarter.
First quarter multi-purpose maintenance products sales, which include the WD-40, 3-In-One and Blue Works brands, were $81.8 million, up 15% from the prior year fiscal quarter. The multi-purpose maintenance products are considered a primary focus for the company. Homecare and cleaning products sales, which include all other brands, were $13.5 million for the first quarter, down 4% from the prior year first quarter.
Americas segment sales in the first quarter were $45.4 million, up 12% compared to the first quarter of the prior fiscal year. Europe segment sales in the first quarter were $35.2 million, up 17% from the prior year fiscal quarter. Asia-Pacific segment sales were $14.7 million in the first quarter, up 3% from the prior year fiscal quarter.
Diluted earnings per share were 69 cents in the first quarter, compared to 42 cents per share for the same quarter of the prior fiscal year.
"We are pleased with our solid revenue growth during the first quarter, particularly in our multi-purpose maintenance products, and because we were able to hit our goal of a 50 percent gross margin, we achieved solid growth in our net income as well," said Garry Ridge, WD-40 Company president and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
