WD-40 reported $10.5 million in net income for the quarter ending Feb. 28, down 1 percent from the year-ago period, with net sales up 1 percent at $86.7 million.
Earnings per share grew to 66 cents per diluted share in WD-40s fiscal second quarter, compared to 65 cents per share in the year-earlier period. San Diego-headquartered WD-40s fiscal year goes from Sept. 1 to Aug. 31.
Second-quarter sales for WD-40 in the Americas declined 13 percent to $40.2 million, sales in Europe grew 16 percent to $32.4 million, and Asia-Pacific sales rose 18 percent to $14.1 million, all compared to year-earlier results.
We are pleased that we have turned the corner in many of our European markets and have met our expectations in these markets despite continuing economic turmoil, said Garry Ridge, WD-40 president and chief executive officer. Our long-term execution approach in China is working as we make more people aware of our products and make them easier to buy, each and every day.
For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales topped $75.4 million, up 6 percent from the same quarter last year.