Top Companies Report

33. WD-40

June 29, 2012

San Diego, CA
Sales: $336 million.
Net income: $36 million, for the year ended Aug. 31, 2011.

Key Personnel: Neal E. Schmale, chairman; Garry O. Ridge, president and chief executive officer; Jay Rembolt, chief financial officer, treasurer and vice president, finance; Michael J. Irwin, executive vice president, strategic development; Graham P. Milner, executive vice president, global development and chief branding officer; Geoffrey J. Holdsworth, managing director–Asia Pacific; William B. Noble, managing director-Europe, Middle East and Africa; Michael L. Freeman, division president, The Americas; Tim Lesmeister, vice president of US marketing.

Major Products: Maintenance, home care and cleaning products sold under brands including WD-40, 3-In-One Oil, Blue Works, X-14, 2000 Flushes, Carpet Fresh, No Vac, Spot Shot, 1001, Lava and Solvol.

New Products: WD-40 Specialist (line extensions).

Comments: WD-40 remains a staple in the household and auto care products segments, as year-to-date net sales increased 5% to $336.4 million—a record for the company. However, year-to-date net income stayed almost flat, rising 1% to $36.4 million.

“While we are happy with the big year we had and our record sales and net income, the year was not without its own pains with the pressure of rising commodity prices, reduction of gross margin and flat earnings,” explained Garry Ridge, president and chief executive officer, WD-40 Company.

The Americas represented 51% of sales; Europe, 37% and Asia-Pacific, 12%. During the fourth quarter 59% of total sales came from outside the US.

“We launched three new products in the new WD-40 Specialist product line, a portfolio of specialty problem-solving products aimed at the trade and doer enthusiast, as planned in 2011 and had our first shipment to a customer in September 2011,” Ridge said.

WD-40 Company expects fiscal year 2012 net sales of $353.0 million to $370.0 million.
WD-40 also reached out to its customer base in a charitable way. When the WD-40/SEMA Cares Foose charity vehicle rolled off the auction block at the Barrett-Jackson Collector Car Auction on Jan. 20, 2012 in Scottsdale, AZ, it had raised big money for charity—$115,000, to be exact.

Chip Foose, the legendary hot rod designer and TV star who designed the custom 2012 Dodge Challenger SRT8, was on-hand at the auction to see the winning bid come in from Khaled bin Alwaleed bin Talal Alsaud of Riyadh, Saudi Arabia.

This is the third consecutive year WD-40 Company has partnered with SEMA Cares, the charity arm of the Specialty Equipment Market Association, to build a custom vehicle. The WD-40/SEMA Cares Camaro and WD-40/SEMA Cares Mustang also raised money for the same two SEMA Cares charities—Childhelp and The Victory Junction Gang Camps. The three vehicles have raised more than $400,000 for these charities.

In other philanthropic moves, WD-40 named Joel Hamberg as the Rebuilding Together Tradesperson of the Year. Based in Portland, OR, Hamberg, a painter, has assisted his community, neighbors, and those in-need for nearly 30 years.


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