WD-40 has a solid quarter in Q3

WD-40 Company reported solid results in the third quarter, with progress made in both earnings and sales.

Net sales for the quarter ended May 31 were $98.2 million, an increase of 2% compared to the prior-year fiscal quarter.

Net income was $14.4 million, an increase of 14% year-over-year.

"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," continued Ridge.

The company also updated its guidance for fiscal 2017, with net sales expected to be flat to up to 2%, between $382 million and $388 million. Net income is projected to be between $51.3 million and $52.3 million.