Posted April 7, 2010
WD-40 reports 30.3% sales gain
WD-40 Company reported net sales for its second quarter of $80.6 million, an increase of 30.3% from the second quarter last year.
Year-to-date net sales were $158.3 million, up 8.8% from the same period last year.
Net income for the second quarter was $10.7 million, an increase of 161.5% compared to the prior year's quarter. Year-to-date net income was $20.1 million, an increase of 70.7%.
Second quarter multi-purpose maintenance products sales, which include the WD-40, 3-In-One and Blue Works brands, were $65.6 million, up 39.4% versus the same quarter last year, and $126.3 million for the year-to-date, up 11.8%.
Net sales by segment as a percent of total net sales were as follows: for the Americas, 54.9% for the quarter and 55.5% year-to-date; for Europe, 35.5% for the quarter and 35.3% year-to-date; and, for Asia/Pacific, 9.6% for the quarter and 9.2% year-to-date.
"While we are obviously pleased with our results so far this year and have seen improvements in our business activities and general economic conditions, we remain cautiously optimistic about the uncertain state of the global economy and what the remainder of fiscal 2010 holds for us," said Garry O. Ridge, WD-40 Company president and chief executive officer. "We have also seen customers return to more normal stock inventory which has helped sell-in."
