WD-40 reported net income of $10.3 million for the quarter ending May 31, up 12 percent from the year-ago period, with net sales up 7 percent at $93.1 million.
Earnings rose to 66 cents per diluted share in WD-40s fiscal third quarter, compared to 57 cents per share in the year-earlier period. San Diego-based WD-40s fiscal year runs from Sept. 1 to Aug. 31.
The companys fiscal third quarter sales in the Americas rose 8 percent to $47.6 million, sales in Europe increased 8 percent to $32.5 million, and Asia-Pacific results remained unchanged at $13 million, each compared to year-earlier results.
For the WD-40, 3-in-One lubricants, and Blue Works product lines, worldwide net sales reached $82.2 million, up 12 percent from sales in the same quarter in 2012.
Our performance in Europe is in line with our expectations, and we are seeing the rebound we have been expecting as we keep our focus on long-term growth, said Garry Ridge, WD-40 president and chief executive officer. We also continue to see long-term opportunities throughout Asia, particularly in China, but there will always be a lot of ups and downs due to the timing of promotional programs, shifting economic growth patterns and varying industrial activities in China.