San Diego-based WD-40 Company on Thursday reported a 12 percent increase in income for its first fiscal quarter, despite a 4 percent decline in revenue due to the strong dollar’s impact on foreign sales.
The company, which makes spray lubricant and other maintenance products, earned $12.1 million, or 83 cents per share, in the quarter ended Nov. 30, compared to $10.8 million, or 73 cents per share, in the same quarter a year ago. Sales fell to $92.5 million from $96.4 million.
“Although foreign currency exchange rate fluctuations negatively impacted our reported sales, we continue to see maintenance product sales growth in local currencies in nearly all our markets,” said Garry Ridge, WD-40’s president and chief executive officer. “When we remove all foreign currency exchange rate impacts, we grew consolidated sales by about half a percentage point.”
Ridge said the company expects continued sales fluctuations in different overseas markets but “our long-term growth plans remain unchanged.”
The results were released after the close of financial markets on Thursday, but WD-40 shares were trading up nearly 4 percent at $98.26 on Friday afternoon in New York.
