San Diego Business Journal

WD-40 Co. Reports Net Income of $39.8 Million for FY2013

Friday, October 18, 2013

WD-40 Co. — the maker of lubricants, cleaners and specialty chemicals — ended its fiscal year on a positive note.

The homegrown San Diego company reported net income of $39.8 million on net sales of $368.5 million for fiscal 2013, which ended Aug. 31.

Both numbers were improvements over 2012. Net income then was $35.5 million on net sales of $342.8 million.

The company is forecasting that it should grow slightly in 2014.

Company officials said they expect net income in the range of $40.5 million to $42.8 million in 2014, and sales in the range of $383 million to $398 million.

For the fourth quarter of 2013, the company reported net income of $8.14 million on net sales of $93.5 million. In 2012, net income was $8.97 million on net sales of $84.9 million.

Operating expenses grew to $38.1 million from $28.3 million, quarter over quarter. Selling, general and administrative expenses jumped: In the just-ended quarter, they were 36 percent greater than one year ago.

WD-40 sells its namesake lubricant and other products worldwide. About one-third of its sales are in Europe and the Middle East. The Asia-Pacific region, which includes Australia, captures 14 percent of its sales. Roughly half of its sales are in the Americas.

Shares of WD-40 closed Oct. 17 at $66.50.

As of Oct. 17, the corporation had a market capitalization of $1.02 billion.

— SDBJ Staff Report