WD-40 Company (NASDAQ:WDFC) has reported its financial results for the fourth quarter and fiscal year ended August 31, 2024. The company saw substantial growth in net sales, with a 11% increase in the fourth quarter compared to the prior year fiscal quarter. Total net sales for the fiscal year 2024 were $590.6 million, representing a 10% increase compared to the prior fiscal year.
In the fourth quarter, the company reported total net sales of $156.0 million, up 11% from the prior year fiscal quarter. Total maintenance product sales were $147.5 million, a 12% increase from the prior year fiscal quarter. Net income for the quarter was $16.8 million, a 1% increase from the prior year fiscal quarter. Diluted earnings per share were $1.23, compared to $1.21 in the prior year fiscal quarter.
For the fiscal year 2024, the company's gross margin was 53.4%, up from 51.0% in the prior fiscal year. Selling, general, and administrative expenses were $183.9 million, a 19% increase from the prior fiscal year. Net income for the fiscal year was $69.6 million, a 6% increase from the prior fiscal year, with diluted earnings per share of $5.11 compared to $4.83 for the prior fiscal year.
The company's net sales in the Americas, EIMEA, and Asia-Pacific segments all showed significant growth in the fourth quarter. The Americas segment, representing 51% of total net sales, saw a 6% increase in net sales. The EIMEA segment, representing 37% of total net sales, experienced a 16% increase, while the Asia-Pacific segment, representing 12% of total net sales, saw a 21% increase in net sales.
The company also provided fiscal year 2025 guidance, projecting net sales growth between 6 and 11% on a non-GAAP constant currency basis, with net sales expected to be between $600 million and $630 million. Gross margin for the full year is expected to be between 54 and 55%, and diluted earnings per share are expected to be between $5.20 and $5.45, reflecting anticipated growth of between 9 to 14% compared to 2024 pro forma results.
Following these announcements, the company's shares moved -5.9%, and are now trading at a price of $248.3. For more information, read the company's full 8-K submission here.