WD-40 Company recently released its 10-Q report, providing a detailed overview of its financial performance and operational highlights. The San Diego-based global marketing organization is dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories, and homes around the world. The company owns a wide range of well-known brands that include maintenance products and homecare and cleaning products, sold primarily through various retail channels.
The 10-Q report revealed that WD-40 Company's consolidated net sales increased by $24.4 million, or 10%, compared to the corresponding period of the prior fiscal year. The increase in sales volume favorably impacted net sales by approximately $9.9 million, while the average selling price of its products positively impacted net sales by approximately $7.7 million. Additionally, changes in foreign currency exchange rates had a favorable impact of $6.8 million on consolidated net sales for the first three months of fiscal year 2024.
The gross profit as a percentage of net sales increased to 53.1% compared to 51.1% for the corresponding period of the prior fiscal year. Consolidated net income also saw an increase of $2.5 million, or 8%, compared to the corresponding period of the prior fiscal year. Diluted earnings per common share were reported at $2.42 versus $2.23 in the prior fiscal year period.
The report also provided a detailed breakdown of net sales by segment, including the Americas, EIMEA, and Asia-Pacific. In the Americas segment, net sales increased by 1% to $63,507, primarily driven by higher sales of WD-40 Multi-Use Product. In the EIMEA segment, net sales increased by 16% to $54,313, with significant growth in sales of WD-40 Multi-Use Product and WD-40 Specialist.
Today the company's shares have moved -1.5% to a price of $255.11. If you want to know more, read the company's complete 10-Q report here.
