Heritage-Crystal Cleans oil business segment – which includes used oil collection activities, sales of recycled fuel oil and rerefining activities – posted revenue of $36.4 million for its third quarter ending Sept. 8, a 28.6 percent increase from the year-earlier period. Stronger base oil pricing and higher volumes of base oil gallons sold led to the growth, the company said in its earnings news release.

The segment also reported an operating margin of 12 percent for the quarter, due to improved route efficiency in its used oil collection business and lower operating costs at its rerefinery in Indianapolis.

Heritage generated double-digit operating margin in consecutive quarters in this segment for the first time, Brian Recatto, HCC president and CEO, said in the news release. The Elgin, Illinois-based rerefiners oil business posted an operating margin of 13 percent – a company record – in the second quarter of 2018.

WD-40

San Diego-based WD-40 reported net income of $21.6 million for its fiscal quarter ending Aug. 31, a 51 percent jump from $14.4 million in the same period last year.

Net income for fiscal year 2018 reached $65.2 million, up 23.3 percent. Diluted earnings per share rose to $1.54 in the quarter, a 34.4 percent increase from a $1.01 per share. In the fourth fiscal quarter, net income and diluted earnings per share were positively impacted by a $7.1 million provisional tax adjustment we recorded during the quarter associated with the Tax Cuts and Jobs Act, said Jay Rembolt, chief financial officer of WD-40.

Net sales for the quarter totaled $102.6 million, up 6 percent from the year-earlier period. Net sales for fiscal year 2018 reached $408.5 million, a 7 percent increase from last year.

Net sales for the quarter were up 2 percent in the Americas at $48.7 million, up from $47.9 million in the same quarter last year. For the fiscal year, net sales in the region reached $192.8 million, up 4 percent from $184.9 million. A 9 percent increase in sales of maintenance products in the United States accounted for the increase.

Net sales in Europe, the Middle East and Africa increased to $36.6 million for the quarter, an increase of 2 percent from the year-earlier period. For the fiscal year, sales in Europe, the Middle East and Africa hit $150.8 million in net sales, a 10 percent increase. The company attributed the regions improvement to a 10 percent increase in the sales of maintenance products.

In Asia-Pacific, net sales for the quarter were up 36 percent at $17.2 million. The region reached $64.7 million for fiscal year 2018, up 10 percent from $58.8 million. Asia-Pacifics prolific increase was driven by a 128 percent increase in sales in Asia and a 30 percent increase in sales in China due to a transition to new marketing distributors.