WD-40 posted net income of $9.1 million for the quarter ending May 31, up 11 percent from the year-ago period, with net sales up 1.8 percent at $87 million.
Earnings rose to 57 cents per diluted share in WD-40s fiscal third quarter, compared to 47 cents per share in the year-earlier period. San Diego-headquartered WD-40s fiscal year runs from Sept. 1 to Aug. 31.
The companys third-quarter sales in the Americas declined 5 percent to $43.9 million, sales in Europe climbed 7 percent to $30.1 million, and its Asia-Pacific segment rose 16 percent to $13 million, each compared to year-earlier figures.
For the WD-40, 3-in-One lubricants, Blue Works and WD-40 Specialist product lines, worldwide net sales topped $73.7 million, up 1 percent from sales in the same quarter in 2011.
Our sales in the U.S. were down slightly in the quarter because we were going up against the highly successful military promotion for the WD-40 brand, which we ran in the third quarter of last fiscal year, said Garry Ridge, WD-40 president and chief executive officer. We continue to meet our expectations in China as we work toward building long-term sustainable growth in that country. However, we are cautious about the continuing volatility of commodity prices and the uncertain economic conditions in Europe and their impact on our overall sales.