Seoul-based S-Oil reported that third-quarter operating income for its base oil business reached 95.6 billion won (U.S. $84.4 million), up 41.6 percent from 67.5 billion won in the year-ago quarter. Revenue declined 32.9 percent to 329.3 billion won, from 490.6 billion won a year earlier.

In its earnings presentation, S-Oil said it expects profit margins for its base oils to remain favorable. Despite oversupply market status, decent demand for high quality products will support its healthy spread, the company stated.

S-Oils Onsan, South Korea, refinery has 20,500 b/d of Group III, 20,800 b/d of Group II and 500 b/d of Group I capacity.

WD-40

WD-40s net income reached $11.7 million for its fourth fiscal quarter, up 2 percent from the same period of 2014.

Net income for the fiscal year ending Aug. 31 amounted to $44.8 million for the San Diego-based company, up 2.5 percent from fiscal 2014.

For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales totaled $80.3 million for the fourth quarter, down 6 percent from the year-ago period. The products sales for the full year reached $333.3 million, down 1.3 percent.

The company reported net sales of $92 million for the quarter, down 5.7 percent from $97.6 million in the year-earlier quarter. Net sales for WD-40s fiscal year ending Aug. 31 reached $378 million, down 1.3 percent from $383 million.

Fiscal year 2015 was a year of solid operating performance that was obscured by the impact of political events, economic instability, a strong U.S. dollar and a particularly weak euro against the pound sterling, Garry Ridge, WD-40 president and CEO, said in the companys earnings news release. We have built a global company, and approximately 40 percent of our sales are currently generated in currencies other than the U.S. dollar. With this comes risk. If you take both translation and transaction exposure into consideration, changes in foreign currency exchange rates reduced our total net sales by approximately $16 million for fiscal year 2015.

Diluted earnings per share was 80 cents in the fourth fiscal quarter, up from 77 cents. For fiscal year 2015, WD-40s diluted earnings per share reached $3.04, compared to $2.87 in the prior fiscal year.

For the 2015 fiscal year, the Americas accounted for 50 percent of total sales, Europe, the Middle East and Africa a combined 36 percent and Asia-Pacific 12 percent.

Fourth quarter sales in the Americas reached $48.1 million, up 4 percent. Fiscal year 2015 sales in the Americas totaled $187.3 million, up 3.6 percent.

The increase in net sales in the Americas in both the fourth quarter and full fiscal year was primarily due to strong maintenance product sales in the United States and Latin America, driven by expanded distribution and increased promotional activities, WD-40 stated. These increases were partially offset by net sales declines in Canada due primarily to the unfavorable impacts of changes in foreign currency exchange rates, period over period.