WD-40 net income falls
WD-40 Company reported that its net income for the second quarter fell by 1% to $10.5 million. Sales during the period rose 1% to $86.7 million.
Year-to-date net sales were $182.0 million, up 6% from the same period last fiscal year, while year-to-date net income was $21.4 million, an increase of 23% from the prior fiscal year period.
Second quarter multi-purpose maintenance products sales, which include the WD-40, 3-In-One and Blue Works brands, were $75.4 million, up 6% from the prior year fiscal quarter, and $157.2 million year-to-date, up 11% from the same period last fiscal year. The multi-purpose maintenance products are considered a primary focus for the company.
Homecare and cleaning products sales, which include all other brands, were down 23% for the quarter.
Americas segment sales in the second quarter were $40.2 million, down 13%. Europe segment sales in the second quarter were $32.4 million, up 16%. Asia-Pacific segment sales were $14.1 million in the second quarter, up 18%.
"We are pleased that we have turned the corner in many of our European markets and have met our expectations in these markets despite continuing economic turmoil," said Garry Ridge, WD-40 Company president and chief executive officer.
Ridge added that the board of directors authorized management to evaluate the strategic alternatives for the homecare and cleaning products in the Americas segment. "To date, this evaluation is in its early stages and no decisions have been made relative to the future strategic plans for these brands," he said.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
