WD-40’s sales rise in third quarter
Though sales were up 3% and income increased 1% for WD-40 Company in the third quarter, shares for the lubricants and cleaner supplier were down more than 6% Thursday morning after management narrowed the full-year guidance.
Net sales for the quarter came in at $95.7 million, up from $93.1 million in the same quarter last year. This was largely carried by sales of multi-purpose maintenance products; sales of homecare and cleaning products decreased 1%.
The company’s bottom line totaled $10.4 million for the third quarter, compared to $10.3 million in earnings in the 2013 quarter.
"We are pleased with the solid progress we have made for the year and remain confident that our strategic initiatives are well positioned to carry us into the future” said Garry Ridge, WD-40 Company’s president and CEO. “While we continue to see fluctuations in certain markets quarter to quarter, our long-term growth plans remain stable and we continue to deliver on our expectations.”
The updated fiscal year guidance points to net sales between $380 and $387 million — a growth rate of 3 to 5% — and net income between $41 and $43 million.
Golden Hammer Profile: Therma-Tru
Maumee, Ohio-based Therma-Tru Corp. primarily prides itself on being an industry game-changer. In 1982, the company introduced the market’s first-ever fiberglass door, known in its official capacity as the Fiber-Classic.
People were surprised that the doors, with their polished, wood-grained appearance, were made with the materials that they were, remarks Deke Welles on the company website (Deke is the son of founder David Welles and the former president of Therma-Tru).
Since then, Therma-Tru went on to cement its name in the door industry, distinguishing itself with comprehensive full-door systems that are sold together with a competitive lifetime limited warranty.
Another thing it does well? Not resting on its laurels.
"At Therma-Tru, we are constantly innovating and introducing new products every year to keep our product line fresh, on-trend and relevant to the wide variety of consumer tastes across the country," said Brad Johnson, VP marketing. "We also listen to everyone in the channel — from our distributor, to the dealer, to the builder and the contractor — to fully understand what they need from us as the manufacturer."
The result of all this soul-searching is a new class of products, introduced each year at the International Builders Show.
So what are the trends on Therma-Tru’s radar now?
Simple designs in door panels and door lites, according to Johnson. "We’re also seeing a desire for less caming in the glass designs, tighter grains for the woodgrain doors and darker colors," he said.
The above is one of a series of profiles recognizing this year’s Golden Hammer Vendor winners, to appear on HomeChannelNews.com and in HCN Daily. Thirty-one Golden Hammer Vendor winners were honored this year at the 2014 National Hardware Show in Las Vegas.