Mixed results for WD-40

Dealing with unfavorable foreign currency rates, San Diego-based WD-40 Company reported a 6% decline in earnings in its fiscal first quarter, but showed growth in multi-purpose maintenance products.

WD-40 Company reported net sales of $96.4 million in its fiscal first quarter ended Nov. 30, up 1% compared to the same quarter last year. Net income for the first quarter was $10.8 million, down 6% from $11.5 million in the same quarter last year.

"During the quarter we experienced slow but steady growth of our multi-purpose maintenance products," said Garry Ridge, WD-40 Company's president and chief executive officer.  "We did experience a decline in sales in our European markets and we've linked that decline to the unfavorable impact of foreign currency exchange rates, particularly the euro and U.S. dollar relative to the pound sterling, as well as the timing of customer orders within that region.  Overall we are off to a good start in 2015 and we see a solid, steady year ahead as we continue to put our efforts behind our key strategic initiatives," Ridge added.

For the upcoming year, net sales are expected to grow between 4% and 8%, with net sales between $398 million and $413 million.