Sales dip at in Q4 at WD-40
Lubricant maker WD-40 Co. reported net sales of $84.9 million for its fourth fiscal quarter, a decrease of 6% from the same quarter last year. Net income for the fourth quarter, which ended Aug. 31, 2012, was $9.0 million, a decrease of 12% compared with the prior year fiscal quarter.
Year-to-date figures reported by the San Diego-based company were $342.8 million in net sales, up 2% from the prior fiscal year. Year-to-date net income was $35.5 million, a decrease of 3% from the prior fiscal year.
Sales in the fourth quarter for WD-40’s multi-purpose maintenance products -- which include the WD-40 multi-use product, 3-in-One, Blue Works and the WD-40 Specialist product lines -- were $70.6 million, down 5% from the prior year fiscal quarter, and $286.5 million year-to-date, up 3% from the prior fiscal year. The multi-purpose maintenance products are considered a primary focus, the company said.
Homecare and cleaning products sales, which include all other brands, were $14.3 million for the fourth quarter, down 14% from the prior year fiscal quarter, and were $56.3 million year-to-date, down 2% compared with the prior fiscal year. The U.S. homecare and cleaning products, such as X-14 mildew stain remover and automatic toilet bowl cleaners such as 2000 Flushes, are considered harvest brands providing healthy profit returns to the company and are becoming a smaller part of the business as the multi-purpose maintenance products sales grow, according to comments that accompanied the financial results.
In the fourth quarter of fiscal year 2012, the company developed the WD-40 Bike product line, which is focused on the development of a comprehensive line of bicycle maintenance products for cyclists and mechanics.
WD-40 Co. expects fiscal year 2013 net sales to be in the range of $356.0 million to $370.0 million. The company also said it anticipated net income of $36.5 million to $38.0 million and for fiscal year 2013.
WD-40 Co. markets its products in 187 countries worldwide and recorded sales of $343 million in fiscal year 2012.