For WD-40, sales up and earnings down in Q1
Financial uncertainty cast a shadow over the results of San Diego-based WD-40 Co., which posted mixed results in the first quarter of 2012.
The lubricant and all-purpose maintenance product manufacturer posted net sales for the quarter ended Nov. 30 of $84.9 million, up 5% from the same period last year. Earnings, however, declined 25% to $6.8 million.
"The Americas and Asia Pacific regions experienced growth in the first quarter driven by sales of the multi-purpose maintenance products," said Garry Ridge , WD-40 president and CEO. "We continue to see economic uncertainty in Europe, and the results in the first quarter reflect some of this uncertainty."
First-quarter multi-purpose maintenance products sales, which include WD-40, 3-IN-ONE, Blue Works and the WD-40 Specialist product line, were $70.8 million, up 6% from the prior-year fiscal quarter. Homecare and cleaning products sales, which include all other brands, were $14.1 million for the first quarter, down 2% from the prior-year fiscal quarter.
"During the quarter we had higher-than-normal investments in advertising and promotions due to some promotional timing and activities in support of several key marketing initiatives," Ridge said. "We expect these investments to return to our normal levels during the remainder of the year."
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Noritz expands eco-friendly (and tough) water heaters
Fountain Valley, Calif.-based Noritz expanded its ecoTough Series of gas-fired residential condensing tankless water heaters with the new NRC83.
The Energy Star-rated unit is designed for smaller homes and multi-family dwellings. Available in both indoor (the two-pipe, direct vent NRC83-DV) and outdoor (NRC83-OD) models, the new wall-mounted units have an energy factor (EF) of 0.92 for natural gas and 0.94 with liquid propane — approximately 30 points higher than a standard, storage tank-type, gas-fired water heater.
“We believe the NRC83 will also be an attractive option for apartment developers, owners and managers, as well as for owners of vacation homes with smaller hot-water needs,” said Jay Hassel, VP sales and marketing for the Noritz America Corp.
Featuring a gas-consumption range of 16,000 BTU per hour to 157,000 BTUh, the NRC83 Residential Condensing Tankless Water Heater is engineered to meet the domestic hot water needs of smaller northern residences with one bathroom, as well as southern homes with two baths. With flow rates from 0.5 gallons per minute to 8.3 gpm and temperature settings from 100°F to 140°F, the new NRC83 protects the environment by heating water strictly on demand, while offering a longer product life cycle than storage tank-type models.
The high-efficiency, low-NOx Eco-Burner has a nitrogen-oxide emissions level that is within 20 parts per million, which will comply with the new South Coast Air Quality Management District (SCAQMD) regulations that went into effect on Jan. 1, 2012.
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BrassCraft names new VP
BrassCraft Manufacturing, a division of Masco, has promoted George Werner to the position of VP retail sales. In this position, Werner will direct retail sales strategies and initiatives in support of BrassCraft Manufacturing’s business goals and sales targets. In addition to all retail sales, with the exception of The Home Depot, Werner’s responsibilities include the retail and wholesale segments of business for BrassCraft service parts and Cobra products.
Werner began his career with Masco in 1994 as sales manager at Alsons Corp. He later joined BrassCraft in July 2005 as retail sales manager. Prior to this, he worked for Mueller Industries.
Headquartered in Novi, Mich., Brasscraft is a leading manufacturer of plumbing products for use in the new construction and repair/remodel markets. It operates manufacturing and distribution facilities around the world.
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