WD-40 Co. posted $12.1 million in net income for the quarter ending Nov. 30, up 12 percent from a year earlier.
For the WD-40, 3-in-One and Blue Works lubricants segment, worldwide net sales amounted to $82.2 million in net sales for its first fiscal quarter, down 3 percent from the same period a year earlier. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.
Compared to year-earlier figures, fiscal first-quarter sales in the Americas declined 1 percent to $44.4 million, sales in the Europe, Middle East and Africa segment slid 7 percent to $32.1 million, and Asia-Pacific sales fell 6 percent to $16 million.
Although foreign currency exchange rate fluctuations negatively impacted our reported sales, we continue to see maintenance product sales growth in local currencies in nearly all our markets, WD-40 President and CEO Garry Ridge said in the companys earnings news release. Our European markets, in particular, continue to be heavily impacted by the weakening of the euro against the pound sterling as well as the strength of the U.S. dollar.