WD-40 Company, a San Diego-based maker of lubricants and other home and industrial maintenance products, reported a decline in net income during its first fiscal quarter.
The results missed Wall Street expectations, and the company’s shares fell fell 5 percent in light trading after the market close on Wednesday.
Sales for the quarter ended Nov. 30 rose 1 percent to $96.4 million from $95.5 million, while net income fell to $10.8 million from $11.5 million a year ago.
“During the quarter we experienced slow but steady growth of our multi-purpose maintenance products,” said Garry Ridge, WD-40s president and chief executive officer. “We did experience a decline in sales in our European markets and we’ve linked that decline to the unfavorable impact of foreign currency exchange rates, particularly the euro and U.S. dollar relative to the pound sterling, as well as the timing of customer orders within that region.
“Overall we are off to a good start in 2015 and we see a solid, steady year ahead as we continue to put our efforts behind our key strategic initiatives,” Ridge added.
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