San Diego’s WD-40 Reports 10% Higher Income in Quarter

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WD-40 spray lubricant in different dispensers. Courtesy of the company

San Diego-based WD-40 Company, which makes the popular spray lubricant and other workshop products, reported Wednesday a 10 percent increase in income for its second fiscal quarter.

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The company had income of $11.3 million, or 76 cents per share, in the quarter ended Feb. 28, compared to $10.3 million, or 67 cents per share, in the same period last year.

Sales increased 3 percent to $97.3 million from $94.2 million a year ago.

The company said its global results were hurt by the rising value of the U.S. dollar, but helped by the worldwide decline in oil prices.

“We are pleased with the solid performance of our underlying business this quarter and are more confident than ever that our strategic initiatives are well positioned to carry us into the future” said Garry Ridge, WD-40’s president and chief executive officer.

“In constant currency our total global sales grew 7 percent in the second quarter and 4 percent in the first half of our fiscal year.  We can’t control most of the impact that fluctuating foreign currency exchange rates have on our reported results but we will not let it distract us. Our hard working tribe will remain focused and we expect to deliver a strong finish to fiscal year 2015.”

The company reduced its outlook for the year because of exchange-rate concerns.

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