WD-40 Q1 sales, earnings rise
WD-40, the manufacturer of maintenance and household products, reported first quarter 2019 sales increased 4% to $101.3 million compared to first quarter 2018 net sales of $97.6 million.
The San Diego, Calif.-based company also reported first quarter net income of $13.3 million, up 5% from a net income $12.6 million for the same period a year ago.
Net sales in the Americas, accounting for 47% of WD-40’s total sales, increased 4% in the first quarter primarily due to higher sales of maintenance products in the United States which increased 9% compared to the prior year fiscal period. EMEA sales, accounting for 38% of total sales, rose 11%.
“Sales of our 2025 brands – the brands we see taking us to our long-term revenue objective of $700 million by the end of fiscal year 2025 – are up 5% globally compared to the first quarter of last year,” said Garry Ridge, president and CEO of WD-40. “Globally, our flagship product, WD-40 Multi-Use Product grew 5% in the first quarter, and our WD-40 Specialist product line grew 13% compared to the prior year.”
Net sales in Asia-Pacific decreased 10% in the first quarter due to a 13% decrease in sales in both the Asia-Pacific distributor markets and in Australia primarily due to the timing of customer orders, the company reported.
Overall net sales of maintenance products, considered the primary growth focus for the WD-40, increased 5% in the first quarter. The increase was driven primarily by strong sales of WD-40 Multi-Use Product in the EMEA segment and the United States and strong sales of WD-40 Specialist in the United States.
The San Diego, Calif.-based company also reported first quarter net income of $13.3 million, up 5% from a net income $12.6 million for the same period a year ago.
Net sales in the Americas, accounting for 47% of WD-40’s total sales, increased 4% in the first quarter primarily due to higher sales of maintenance products in the United States which increased 9% compared to the prior year fiscal period. EMEA sales, accounting for 38% of total sales, rose 11%.
“Sales of our 2025 brands – the brands we see taking us to our long-term revenue objective of $700 million by the end of fiscal year 2025 – are up 5% globally compared to the first quarter of last year,” said Garry Ridge, president and CEO of WD-40. “Globally, our flagship product, WD-40 Multi-Use Product grew 5% in the first quarter, and our WD-40 Specialist product line grew 13% compared to the prior year.”
Net sales in Asia-Pacific decreased 10% in the first quarter due to a 13% decrease in sales in both the Asia-Pacific distributor markets and in Australia primarily due to the timing of customer orders, the company reported.
Overall net sales of maintenance products, considered the primary growth focus for the WD-40, increased 5% in the first quarter. The increase was driven primarily by strong sales of WD-40 Multi-Use Product in the EMEA segment and the United States and strong sales of WD-40 Specialist in the United States.