WD-40 posted $8.1 million net income for the quarter ending May 31, down 11 percent from the year-ago period, with net sales up 3.6 percent at $85.5 million.
Earnings fell to 47 cents per diluted share in WD-40s fiscal third quarter, compared to 54 cents per share in the year-earlier period. San Diego-based WD-40s fiscal year runs from Sept. 1 to Aug. 31.
The companys third-quarter sales in the Americas declined 1 percent to $46.2 million, sales in Europe rose 4 percent to $28.1 million, and Asia-Pacific sales jumped 33 percent to $11.2 million, all compared to year-earlier numbers.
For the WD-40 and 3-in-One lubricants segment, worldwide net sales reached $72.7 million for the quarter ending May 31, up 7 percent from sales in the same quarter last year.
While we have seen sales declines in the U.S. in the current fiscal year, we see this as more of a bad weather situation than a change in climate, and we are working hard to address lost product offerings and promotional challenges we have had with certain key customers, said Garry Ridge, WD-40 president and chief executive officer. We continue to see our focus on global expansion pay off as we now have 60 percent of our total sales year-to-date outside the United States.