WD-40 Q3 profits, sales rise
WD-40, the maintenance products manufacturer, reported third quarter 2019 total net sales increased 7% to $114 million from third quarter 2018 net sales of $107 million.
Sales for the first three quarters of the year increased 4% to $316.6 million from sales of $305.9 million.
Net income for the third quarter was $18.1 million, an increase of 12%, while year-to-date net income increased 9% to $47.3 million.
Net sales in the Americas were flat in the third quarter primarily due to lower sales of maintenance products in Latin America and Canada, which decreased 16% and 18%. The significant decrease in sales was because in the comparable period last year, customers were buying high volumes of product in advance of our planned price increases, the San Diego-based manufacturer said.
The decline in sales was entirely offset by higher sales of WD-40 Specialist and WD-40 Multi-use Product in the United States, which increased 30% and 3 percent%.
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The Bottom Line: WD-40 sales are up 7% to $114 million for the quarter while profits rose 12% to $18.1 million.
What the CEO said: “Overall, we are pleased with the solid progress we have made for the year and remain confident that our strategic initiatives are well positioned to carry us into the future. While we continue to see fluctuations in certain markets from time to time, our long-term growth plans remain stable and we expect we will continue to deliver on our expectations," said Gary Ridge, CEO of WD-40.
Company info: WD-40’s full third quarter 2019 financial report can be read here.
Sales for the first three quarters of the year increased 4% to $316.6 million from sales of $305.9 million.
Net income for the third quarter was $18.1 million, an increase of 12%, while year-to-date net income increased 9% to $47.3 million.
Net sales in the Americas were flat in the third quarter primarily due to lower sales of maintenance products in Latin America and Canada, which decreased 16% and 18%. The significant decrease in sales was because in the comparable period last year, customers were buying high volumes of product in advance of our planned price increases, the San Diego-based manufacturer said. The decline in sales was entirely offset by higher sales of WD-40 Specialist and WD-40 Multi-use Product in the United States, which increased 30% and 3 percent%.
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The Bottom Line: WD-40 sales are up 7% to $114 million for the quarter while profits rose 12% to $18.1 million.
What the CEO said: “Overall, we are pleased with the solid progress we have made for the year and remain confident that our strategic initiatives are well positioned to carry us into the future. While we continue to see fluctuations in certain markets from time to time, our long-term growth plans remain stable and we expect we will continue to deliver on our expectations," said Gary Ridge, CEO of WD-40.
Company info: WD-40’s full third quarter 2019 financial report can be read here.