Sales jump at WD-40
San Diego, California-based WD-40 Company reported third quarter net sales of $155.0 million, up 9.0 percent from the same quarter last year.
Total maintenance product sales amounted to $147.2 million, up 10 percent in the quarter.
"We delivered another strong quarter with record sales driven by robust volume growth across all three of our trade blocs," said Steve Brass, WD-40 Company’s president and chief executive officer. "Our maintenance product sales achieved impressive growth of over 10 percent for both the third quarter and year-to-date, aligning with our established long-term growth objectives.”
Net income was $19.8 million, an increase of 5 percent from the prior year fiscal quarter.
The CEO added that the company has made progress in its four “Must-win battles.” They are: Expanding global sales; Selling more premium products; developing more sales of high-end WD-40 Specialist brand; and growth of e-commerce.
The global brand reported that net sales in the Americas increased 6 percent in the third quarter compared to the prior year fiscal quarter primarily due to an increase in net sales of WD-40 Multi-Use Product of 7 percent. WD-40 Multi-Use Product sales increased most significantly in Latin America, which were up $5.4 million, and were partially offset by lower sales in the United States and Canada, which were down by $1.0 and $0.3 million, respectively.
