WD-40 Co. sales increase 2% in Q3
San Diego-based WD-40, whose brands include a variety of lubricants and cleaning products, reported net sales of $87.0 million for the third quarter of fiscal 2012, an increase of 2% from the same quarter of its last fiscal year. Year-to-date net sales were $257.9 million, up 5% from the same period last fiscal year.
Net income for the third quarter was $9.1 million, an increase of 13% compared with the prior-year fiscal quarter. Year-to-date net income was $26.5 million, an increase of 1% from a year ago.
Third-quarter multi-purpose maintenance products sales, which include the WD-40 multi-use product, 3-in-1 Blue Works and the WD-40 specialist product lines, were $73.7 million, up 1% from the same period last year, and $215.9 million year-to-date, up 6% from the same period last fiscal year. The multi-purpose maintenance products are considered a primary focus for the company.
Homecare and cleaning products sales, which include all other brands, were $13.3 million for the third quarter, up 4%, and were $42.0 million year-to-date, up 3%, compared with the prior fiscal year periods. The U.S. homecare and cleaning products are considered harvest brands providing healthy profit returns to the company and are becoming a smaller part of the business as the multi-purpose maintenance products sales grow.
“We are pleased with our overall results so far this year, and our tribe continues to focus their energy on our key strategic initiatives," said Garry Ridge, WD-40 president and CEO. "However, we are cautious about the continuing volatility of commodity prices and the uncertain economic conditions in Europe and their impact on our overall sales. We expect Europe to come in flat at best for the full year as compared with the prior fiscal year."
Net sales by segment as a percent of total net sales were as follows: for the Americas, 50% for the third quarter and 51% year-to-date; for Europe, 35% for the third quarter and 34% year-to-date; and for Asia-Pacific, 15% for both the third quarter and year-to-date.
WD-40 continues to expect fiscal year 2012 net sales of $353.0 million to $370.0 million. The company expects net income of $37.2 million to $39.2 million.
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New e-commerce site launched for tools
A new Internet retailer has entered the marketplace, promising name brand tools at discount prices, customer reviews and social media networking. The site, dwttools.com, is owned and operated by DWT Global, based in Delaware.
Current product categories found on dwttools.com include abrasives, pneumatic, power, hand and automotive tools. Brand names include Channellock, DeWalt, Irwin and Milwaukee.
Visitors of dwttools.com can browse products by price category, and a gift registry is available for new homeowners and newlyweds. Social media "share" applications enable visitors to share products on social media platforms, such as Facebook and Twitter.
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Stanley Black & Decker Q2 net sales increase
Stanley Black & Decker posted second-quarter net sales of $2.8 billion, up 8% from $2.6 billion in the prior-year quarter. The company attributed this to price (+1%), volume (+1%) and acquisitions (+10%), which were partially offset by currency (-4%).
Net earnings for the quarter totaled $154.8 million, down 22% from $197.6 in the second quarter of 2011.
CDIY grew 5%, reflective of new products and market share gains in almost every region of the world. The Industrial segment grew 1% as strength in the Engineered Fastening business more than offset European weakness within Industrial & Automotive Repair (IAR) and a weak North American onshore pipeline market.
“Returning cash to our shareholders continues to be a significant component of our capital allocation strategy,” said John Lundgren, Stanley Black & Decker’s president and CEO. “The 20% dividend increase and share repurchase program we announced today reflects our sensitivity to shareholder value creation and confidence in the cash generation potential of the company for both the near term and the future.
“These actions, partnered with our proven ability to operate, acquire, integrate and successfully grow businesses, are core to our shareholder value proposition,” he added.
The company reiterated its guidance that organic net sales should increase 1% to 2% from a 2011 pro forma revenue base of $11 billion. This includes the impact of revenue synergies from the Black & Decker merger.
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