WD-40 pulls ahead in Q4

WD-40 Company had progress to report in the fourth quarter, and culturally, CEO Garry Ridge noted that the company ended the fiscal year on a strong note.

"We live in a world that is volatile, uncertain, complex and full of ambiguity," he said. "Despite all the events taking place in the world today the tribe delivered a solid end to fiscal year 2016."

"The tribe has never been more aligned and focused," he continued. "We are clear about our purpose. We know why and how we do what we do, and our strategic initiatives focus us on how we use our time, talent, treasure and technology to achieve our long-term goals."

Net sales for the fourth quarter ended Aug. 31 were $97.2 million, up 6% from the previous year. Net income was $14.2 million, up 21%.

For the full fiscal year, net sales were $380.7 million, up 1% over the prior year. Full-year income was $52.6 million, up 17%.

"During the full fiscal year we generated a significant amount of our sales in currencies other than the U.S. dollar, therefore foreign currency exchange headwinds had a significant impact our reported results," added Ridge.

Without the impact of foreign currency translations, net sales would have been $102.9 million for the fourth quarter and $395.9 million for the year.

The company also issued its fiscal 2017 guidance, which projects net sales growth of 4 to 6%, with net sales expected to be between $395 million and $404 million.