WD-40 reported net income of $12.4 million for the quarter ending Feb. 28, down 10 percent from a year earlier, with net sales up 2 percent at $96.5 million.
Earnings per diluted share slid to 87 cents, down from 94 cents the year before. San Diego-based WD-40s fiscal year goes from Sept. 1 to Aug. 31.
Net sales decreased 1 percent in the Americas to $45.1 million, increased 2 percent in Europe, Middle East and Africa to $36.2 million and climbed 14 percent in Asia-Pacific to $15.2 million compared to the year-earlier quarter.
The company attributed the sales increase in the Americas to a 10 percent reduction in home care and cleaning product sales. The growth in Europe, Middle East and Africa was mainly due to higher sales in Russia driven by improving market conditions in the region. The improvement in Asia-Pacific occurred because of a 21 percent rise in sales in Asian distributor markets and a 17 percent increase in China, the company said.
Fluctuating foreign currency exchange rates continue to obscure the true strength of our business, and they negatively impacted both our top-line and bottom line results in the second quarter, WD-40 President and CEO Garry Ridge said in its earnings news release.