WD-40 Earnings, Sales Spike


WD-40s net income reached $9.1 million for its third quarter ending May 31, up 32.2 percent from the same quarter in 2009.

Earnings per share climbed to 54 cents per diluted share in the third quarter, compared to 41 cents per share in the year-earlier quarter. San Diego-based WD-40s fiscal year runs from Sept. 1 to Aug. 31.

WD-40 overall recorded $82.6 million in net sales, up 20 percent from the same quarter in 2009. Third quarter sales in the Americas grew 13.1 percent to $46.5 million, sales in Europe increased 24.6 percent to $27 million, and Asia-Pacific sales surged 50.2 percent to $9.1 million, all compared to year-earlier results

We have seen solid, steady growth in almost all of our geographic markets throughout the year, said Garry Ridge, WD-40 president and chief executive officer. Our focus on expanding into growth markets has also led to an increase in the percentage of sales outside the U.S., which is now at 53 percent of total sales.

WD-40 will continue to evaluate potential acquisitions and strategic partnerships, Ridge asserted, pointing out that more options that fit the companys strategic roadmap are becoming available. As we have stated, product, price, timing, strategic fit and return on investment are key drivers for us in this area, he added.

For the WD-40 and 3-in-One lubricants segment, worldwide net sales jumped 29.2 percent to $67.9 million for the third quarter ending May 31, compared to the same quarter in 2009.

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