WD-40 reports 22.5% increase in income

WD-40 Company reported sales for the first quarter of $77.7 million, a decrease of 7.0% from the first quarter last year.

Net income was $9.4 million, up 22.5% over the prior year first quarter.

Gross margin was 51.4% compared to 46.3% in the same quarter last year.

"Our continued focus has helped us weather these turbulent times and produce positive overall results," said Garry O. Ridge, WD-40 Company president and chief executive officer. "Staying focused has helped us get our gross margin back where we like it through a combination of product development initiatives such as the Smart Straw conversion, supply chain enhancements, including new manufacturing partners, and the benefits of the price increases we implemented last year to compensate for our increased cost of goods."

First quarter multi-purpose maintenance products sales, which include the WD-40 and 3-IN-ONE brands, were $60.7 million, down 7.9% from the same quarter last year. Homecare and cleaning products sales, which include all other brands, were $17.0 million in the first quarter, down 3.8%.

Americas first quarter sales were $43.7 million, down 4.0% compared to the first quarter last year. Europe sales in the first quarter were $27.2 million, down 9.6%. Asia-Pacific quarter sales were $6.8 million, down 14.4%.