San Diego Business Journal

WD-40 Co. Reports $10.9M in Net Income for Q1

Thursday, January 10, 2013

WD-40 Co., the San Diego maker of consumer products, reported first quarter net income of $10.9 million, up 61 percent from the like quarter in the prior fiscal year.

Revenue for the period that ended Nov. 30 was $95.3 million, up 12 percent from the comparable quarter.

Multipurpose product sales, including WD-40 and 3-In-One oil, were $81.8 million, up 15 percent from the prior year’s first quarter.

WD-40 said it expects sales for this fiscal year to finish in a range of $356 million to $370 million, and expects its net income to be in a range of $36.5 million to $38 million. Diluted earnings per share should finish from $2.31 to $2.40.

On Jan. 7 the company amended its unsecured credit line with Bank of America to extend the maturity date for five years and increase the amount available from $75 million to $125 million.

The results easily beat Wall Street analysts’ expectations and caused a big bump to the company’s stock price. Shares of WD-40, traded on Nasdaq under WDFC, were up by about $5 at midday Jan. 9 to $52.73, near its 52-week high of $54.42.

--Mike Allen