WD-40 Co. posts Q3 gains
San Diego-based WD-40 Co. saw net sales increase 7% in the third quarter, as the company's multi-purpose maintenance products showed double-digit growth.
WD-40 sales were $93.1 million in the quarter ended May 31, compared to sales of $87.0 million in the year-ago period. Net income for the third quarter was $10.3 million, up 12%.
As multi-purpose products -- such as the namesake WD-40 lubricant, 3-IN-ONE and Blue Works brands -- were up 12% in the quarter, homecare and cleaning products sales were down 18%. The former were described as the "primary focus" for the company, while the latter are becoming a smaller part of the business.
"We have confidence in our ability to continue to leverage the WD-40 shield and to create solid growth in our core product lines," said Garry Ridge, WD-40 president and CEO. "As we continue to clebrate our 60th anniversary as a company, we are thinking big about our future."
WD-40 reported Americas segment sales in the quarter were $47.6 million, up 8%. Europe segment sales in the quarter were $32.5 million, also up 8%. The company also said it sees long-term opportunities throughtout Asia, particularly in China.