WD-40 Company, the San Diego-based maker of the popular spay oil and other lubrication and cleaning products, said Thursday its earnings rose 10 percent on a 4 percent increase in revenue for its fiscal year ended Aug. 31.
Fiscal year net income was $43.7 million, or $2.87 per share, on revenue of $383.0 million. For the fourth fiscal quarter, the company earned $11.5 million, or $0.77 per share, on record quarterly revenue of $97.6 million.
The company said changes in foreign currency exchange rates had a favorable impact on sales for both the current quarter and year-to-date.
“We had a good quarter and a good year and are pleased we have been able to maintain sustainable growth across our core business globally,” said Garry Ridge, WD-40’s president and chief executive officer. “While we saw both positive and negative impacts from changes in foreign currency exchange rates, we had local currency growth across key markets and the fourth quarter was our highest revenue quarter in history.”
For the year ahead, the company said it expects sales growth of between 4 percent and 8 percent with net income increasing to as much as $46 million.
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