04.05.13
WD-40 Company (WDFC) posted a 1% increase in net sales for the second quarter ended Feb. 28, 2013 of $86.7 million. Year-to-date net sales were $182.0 million, up 6% from the same period last fiscal year. Net income for the second quarter fell 1% to $10.5 million, while year-to-date net income was $21.4 million, an increase of 23% from the prior fiscal year period.
Second quarter multi-purpose maintenance products sales, which include the WD-40, 3-in-one and Blue Works brands were $75.4 million, up 6% from the prior year fiscal quarter, and $157.2 million year-to-date, up 11% from the same period last fiscal year. The multi-purpose maintenance products are considered a primary focus for the company.
Home care and cleaning products sales, which include all other brands, fell 23% to $11.3 million, and were down 14% to $24.8 million year-to-date. The U.S. homecare and cleaning products are considered harvest brands providing healthy profit returns to the company and are becoming a smaller part of the business as the multi-purpose maintenance products sales grow.
Americas segment sales in the second quarter fell 13% to $40.2 million, and were $85.6 million year-to-date, down 1% compared to the prior fiscal year period. Europe segment sales in the second quarter rose 16% to $32.4 million, while Asia-Pacific segment sales increased 18% to $14.1 million.
"We are pleased that we have turned the corner in many of our European markets and have met our expectations in these markets despite continuing economic turmoil," said Garry Ridge, WD-40 company president and chief executive officer. "As we celebrate our 60th anniversary as a company, we continue to think big about our future and the path forward is clearer than ever before as we maintain growth based on solid implementation of our strategic objectives."
WD-40 Company now expects fiscal year 2013 net sales of $356.0 million to $370.0 million.