WD-40 has year-ending record sales, earnings

WD-40 Company (WDFC) announced record highs in net sales and earnings for its fiscal year ending Aug. 31, 2021, noting maintenance products delivering solid sales increases.

The San Diego, Calif.-based company reported year-ending net sales up 19% to $488.109 million from $408.498 million in the previous fiscal year. WD-40 said for the full fiscal year, net income was $70.2 million, an increase of 16% from the prior fiscal year.

In net sales by product group for fiscal year end, WD-40 reported Maintenance Products’ net sales increased 21% to $448.817 million over $369.444 million in 2020 fiscal year-end. Homecare and Cleaning Products remained flat year-to-year.

WD-40 noted that translating the company’s foreign subsidiary results to U.S. dollars, had a favorable impact on sales for both its Q4 and full fiscal year. On a constant currency basis, total net sales would have been $108.8 million for the fourth quarter and $468.4 million for the full fiscal year.

The Bottom Line: WD-40 Company had record sales of 19% to just over $488 million while profits increased 16% to just over $70 million.

What the CEO said: “We are pleased that in a year that presented us with both unexpected opportunities and challenges,” said Garry Ridge, WD-40 Company’s chairman and CEO, his firm was able to, “achieve both net sales and earnings results in fiscal year 2021 that reflect new record highs for the Company.

“Our maintenance products delivered solid sales increases in the full fiscal year,” Ridge noted, “including 22% growth of WD-40 Multi-Use Product and 16% growth of WD-40 Specialist.”

The CEO added, “we remain optimistic that many of the new end-users who have interacted with our brands during the pandemic will become permanent users of our maintenance solutions.”

Company info: Click here to read the full third quarter financial report from WD-40 Company.