WD-40 reported net income of $9.1 million for the quarter ending Feb. 28, a 15 percent decrease from the year-ago period, with net sales down 2 percent at $79.2 million.
Earnings per share slid to 53 cents per diluted share in WD-40s fiscal second quarter, compared to 64 cents per share in the year-earlier period. San Diego-headquartered WD-40s fiscal year goes from Sept. 1 to Aug. 31.
The companys second-quarter sales in the Americas fell 14 percent to $38.1 million, sales in Europe climbed 11 percent to $31.8 million, and Asia-Pacific sales rose 22 percent to $9.4 million, all compared to year-earlier results.
For the WD-40 and 3-in-One lubricants segment, worldwide net sales totaled $65.4 million for the quarter ending Feb. 28, identical to sales in the same quarter last year.
Our focus on our global expansion strategic initiative continues to be a driving force for sales and profit growth, and we had sales growth of 11 percent outside the U.S. in the second quarter as compared to the same period last fiscal year while continuing to build our core business, said Garry Ridge, WD-40 president and chief executive officer. In the U.S., we saw some declines due to lost distribution, a lower level of replenishment orders and the timing of promotional activities with certain key customers.
Ridge said WD-40 was still focused on its acquisitions and joint ventures strategic initiative. We continue to look for targeted acquisitions that fit with our strategy but have yet to find such an acquisition at the right price, he stated.