WD-40 reports record sales, earnings
WD-40 Company reported fourth quarter 2018 net sales of $102.6 million, a 6% increase compared to fourth quarter 2017 net sales of $96.6 million.
For the full year, WD-40 reported net sales of $408.5 million, a 7% increase from net sales of $308.5 million last year.
The San Diego, Calif.-based home solutions product manufacturer posted a net income $21.6 million for the quarter, an increase of 51% compared to a net income of $14.4 million for the same period a year ago. For the full fiscal year WD-40 posted a net income of $65.2 million, an increase of 23% from a net income of $52.9 million in the prior fiscal year.
According to CEO Gary Ridge, the company achieved record sales and earnings in 2018. “Our maintenance products delivered solid sales increases in the full fiscal year including 8% growth of WD-40 Multi-Use Product and 22% growth of WD-40 Specialist. I'd like to thank the tribe for their contributions during fiscal year 2018. The tribe has never been more aligned and focused,” Ridge said.
The company also noted that during the fourth quarter, WD-40 was impacted by a $7.1 million provisional tax adjustment associated with the Tax Cuts and Jobs Act.
For the full year, WD-40 reported net sales of $408.5 million, a 7% increase from net sales of $308.5 million last year.
The San Diego, Calif.-based home solutions product manufacturer posted a net income $21.6 million for the quarter, an increase of 51% compared to a net income of $14.4 million for the same period a year ago. For the full fiscal year WD-40 posted a net income of $65.2 million, an increase of 23% from a net income of $52.9 million in the prior fiscal year.
According to CEO Gary Ridge, the company achieved record sales and earnings in 2018. “Our maintenance products delivered solid sales increases in the full fiscal year including 8% growth of WD-40 Multi-Use Product and 22% growth of WD-40 Specialist. I'd like to thank the tribe for their contributions during fiscal year 2018. The tribe has never been more aligned and focused,” Ridge said.
The company also noted that during the fourth quarter, WD-40 was impacted by a $7.1 million provisional tax adjustment associated with the Tax Cuts and Jobs Act.