San Diego-based WD-40 Company on Wednesday reported higher income on a slight decrease in sales for its third fiscal quarter.
The company earned 11.0 million, or 75 cents per share, on revenue of $92.5 million in the quarter ended May 31, compared to earnings of $10.4 million, or 69 cents per share, on revenue of $95.7 million a year ago.
The company said a rising U.S. dollar cost it sales overseas and that on a constant-currency basis sales would have been $96.5 million.
“Foreign currency exchange headwinds and political and economic instability in Eastern Europe continue to adversely impact and distort the true strength of our business,” said Garry Ridge, WD-40’s president and chief executive officer. “Our net sales results in the third quarter were negatively impacted by foreign currency issues…as well as significantly reduced sales in our distributor markets in Ukraine and Russia.”
But he noted that the company experienced strong sales growth in the Americas and expects a “great year” in the Asia-Pacific region.
Shares of the the lubrication and maintenance products company were trading down over $6 at $82.52 in early trading on NASDAQ Thursday.