Multi-Purpose Maintenance Products Drive WD-40

WD-40 Company reported net sales for the second quarter ended Feb. 28, 2014 rose 9% to $94.2 million. Year-to-date net sales increased 4% to $189.7 million.

Net income for the second quarter slipped 1% to $10.3 million. Year-to-date net income rose 2% to $21.8 million.

Second quarter multipurpose maintenance products sales, which include the WD-40 and 3-In-One brands increased 11% to $83.8 million, and rose 7% to $167.8 million year-to-date. The multipurpose maintenance products are considered a primary focus for the company. 

Home care and cleaning product sales, which include all other brands, fell 8% to $10.4 million for the second quarter, and were down 11% to $21.9 million year-to-date. WD-40’s home care and cleaning products are considered harvest brands providing healthy profit returns to the company and are becoming a smaller part of the business as multipurpose maintenance products’ sales grow. 

By region, sales in the Americas rose 12% to $45.2 million, and increased 4% to $89.3 million year-to-date. Europe, Middle East, Africa and India (EMEA) segment sales climbed 16% during the quarter to $38.1 million, and were up 9% to $74.6 million year-to-date. Asia-Pacific segment sales were down 12% to $10.9 million in the second quarter and fell 8% to $25.8 million year-to-date.
In the second quarter, additional product offerings within the WD-40 Specialist product line were released in certain markets and distribution of existing offerings was further expanded, according to the company.