WD-40 Earnings, Sales Rebound


WD-40 Co. recorded $10.7 million in net income for its second quarter ending Feb. 28, up 161.5 percent from the same quarter in 2009.

Earnings per share reached 64 cents per diluted share in the second quarter, compared to 25 cents per share in the year-earlier quarter. San Diego-based WD-40s fiscal year runs from Sept. 1 to Aug. 31.

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WD-40 overall posted net sales of $80.6 million for the second quarter, up more than 30 percent from 2009s same quarter. Second quarter sales in the Americas rose 18.7 percent to $44.2 million, sales in Europe jumped up 46.5 percent to $28.6 million, and Asia-Pacific sales climbed 52.5 percent to $7.7 million, all compared to year-earlier results.

While we are obviously pleased with our results so far this year and have seen improvements in our business activities and general economic conditions, we remain cautiously optimistic about the uncertain state of the global economy and what the remainder of fiscal 2010 holds for us, said Garry Ridge, WD-40 president and chief executive officer. We have also seen customers return to more normal stock inventory, which has helped sell-in.

For the WD-40 and 3-in-One lubricants segment, worldwide net sales rose 39.4 percent to $65.6 million for the second quarter ending Feb. 28, compared to the year-earlier period.

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