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Posted July 11, 2017

WD-40 sales up 2 percent in 3Q

WD-40 Company reported net sales for the third quarter were $98.2 million, an increase of 2 percent compared to the prior year fiscal quarter.


Year-to-date total net sales were $283.9 million, an increase of $0.4 million compared to the prior year fiscal period.

Net income for the third quarter was $14.4 million, an increase of 14 percent compared to the prior year fiscal quarter. Year-to-date net income was $38.6 million, an increase of $0.2 million from the prior year fiscal period.

"We had a solid quarter and are pleased that we achieved both sales and earnings results which reflect new record highs for the company," said Garry Ridge, WD-40 Company's president and chief executive officer. "Fluctuating foreign currency exchange rates continue to obscure our sales results but if you remove their impact our consolidated sales would have increased by about 4 percent over the prior year fiscal third quarter. Overall, while we continue to see fluctuations in certain markets quarter to quarter, our long-term growth plans remain stable."

Net sales in the Americas were down 2 percent in the third quarter primarily due to lower sales of maintenance products in the U.S., which declined 3 percent from period to period. This lower level of sales was primarily attributable to shifting buying patterns in some trade channels as well as efforts of certain of customers to more closely manage their inventory levels, the company said. The sales decrease in the U.S. was partially offset by higher sales of maintenance products in Canada and Latin America.

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