WD-40, the iconic lubricant, maintenance, and cleaning products manufacturer, reported first quarter 2018 net sales $97.6 million, a 9% increase compared to first quarter 2017 net sales of $89.2 million.
The San Diego, Calif.-based company also reported a first quarter 2018 net income of $12.6 million, a 7% increase from a first quarter 2017 net income of $11.6 million.
"The tribe has delivered solid first quarter results, reflecting excellent execution of our first and second strategic initiatives and the fact that for the first time in a long-time, foreign currency exchange rates are not diluting our reported net sales results," said Garry Ridge, WD-40 president and CEO.
Ridge pointed out that sales of the company’s “flagship product,” WD-40 Multi-Use Product, grew 10% in the first quarter while sales of its WD-40 Specialist product line rose 29% during the period.
"Overall, we are off to a good start in 2018 and we believe our focus on executing against our strategic initiatives will continue to drive revenue growth, further strengthen our financial foundation, and enhance shareholder value," Ridge said.
Looking ahead, WD-40 is projecting total net sales growth between 4% and 6% with net sales expected to be between $396 million and $403 million. Net income for the year is projected to be between $54.4 million and $55.3 million, the company said.