WD-40 reported net income of $11.3 million for the quarter ending Feb. 28, up 10 percent from a year earlier, with net sales up 3 percent at $97.3 million.
Earnings per diluted share reached 76 cents, up from 67 cents a year earlier. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.
Net sales decreased 1 percent in the Americas to $44.7 million, increased 1 percent in Europe, Middle East and Africa to $38.7 million, and jumped 28 percent in Asia-Pacific to $14 million, all compared to year-earlier data.
The increased sales volume in Europe, the Middle East and Africa was primarily due to strong sales of WD-40 Multi-Use Product in the distributor markets in Northern Europe and the Middle East, which were partially offset by decreased sales in Eastern Europe due to the political crisis in Ukraine and Russia, the company stated in its earnings news release.
In the Asia-Pacific region, the company attributed growth to the strong sales of its WD-40 Specialist product line and WD-40 Multi-Use Product.
WD-40 Vice President and Chief Financial Officer Jay Rembolt noted in a news release, We had a number of price increases planned for this fiscal year to offset the costs of implementing some new regulatory requirements, primarily in our Americas segment. However, the declines in the cost of crude oil have allowed us to delay these planned price increases. We will continue to monitor the situation closely.
For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales rose 3 percent to $86.6 million.