WD-40 posted $10.6 million in operating income for the quarter ending Feb. 29, up 16.5 percent from the year-ago period, with net sales up 9 percent at $86 million.
Earnings per share rose to 65 cents per diluted share in WD-40s fiscal second quarter, compared to 53 cents per share in the year-earlier period. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.
The companys second-quarter sales in the Americas rose 21 percent to $46 million, sales in Europe declined 12 percent to $28 million, and Asia-Pacific sales grew 28 percent to $11.9 million, all compared to year-earlier results.
For the WD-40 and 3-in-One lubricants segment, worldwide net sales reached $71.4 million for the quarter ending Feb. 29, up 9 percent from the same quarter last year.
We continue to see short-term challenges in certain parts of Europe, but expect to return to our traditional growth patterns there as we get through the impact of what we see as a macroeconomic storm rather than a climate change, said Garry Ridge, WD-40 president and chief executive officer.
In China, we continue to be encouraged by our progress in building long-term sustainable growth, Ridge noted. In the past several years, we have made great progress as we increase our local knowledge to understand how to best reach our target end users, to strengthen our operations and infrastructure, and methodically maintain momentum to execute on our goals for this complex yet promising market.