WD-40 turns in strong Q3
Net sales of maintenance products, considered the primary growth focus for the company, increased 11% in the third quarter.
WD-40, the maintenance, cleaning, and homecare products manufacturer, reported third quarter 2018 net sales of $107.0 million, a 9% increase from 2017 net sales of $98.1 million for the same period a year ago.
The San Diego based manufacturer also reported year-to-date total net sales were $305.9 million, up 8% from year-to-date sales of $283.9 million for the first 3 quarters of 2017.
The company reported a net income of $16.1 million for the third quarter, a 12% increase compared to the third quarter 2017. For the first three quarters of the year, WD-40 posted a net income of $43.6 million, up 13% from the prior period.
“We had a solid quarter and are pleased that we achieved both sales and earnings results which reflect new record highs for the Company,” said Garry Ridge, WD-40 president and CEO. “Our maintenance products delivered solid sales increases in the third quarter including 10% growth of WD-40 Multi-Use Product and 16%growth of WD-40 Specialist.”
Net sales of maintenance products, considered the primary growth focus for the company, increased 11% in the third quarter when compared to the prior year fiscal period. This sales growth was primarily attributable to increased sales of WD-40 Multi-Use Product within the Americas and EMEA segments. Sales of homecare and cleaning products decreased 12% for the quarter, however.
WD-40 also noted that it is seeing the impact of higher commodity prices, which have begun to deteriorate the manufacturer’s gross margins in all 3 of its operating segments.
As a result, the company has made some price increases to ensure that its “gross margin remains in-line,” Ridge said.
HBSDealer Stock Watch: Tuesday’s Ticker
|The majority of hardware and building supply stocks finished the day lower. Of the 30 companies tracked below, 11 showed gains on Tuesday. The day’s biggest movers were LOW, up 2.1%; and BECN, down 3.5%.|
|BLDR (Builders FS)||18.46||-1.91%|
|BMCH (BMC Stock)||21.65||N.C.|
|CENT (Central Garden)||43.69||+0.83%|
|DE (Deere & Co.)||144.55||+0.09%|
|HD (Home Depot)||197.61||+0.78%|
|LL (Lumber Liquidators)||26.40||-0.04%|
|SMG (Scotts Miracle-Gro)||87.38||+0.24%|
|TSCO (Tractor Supply)||77.72||+0.19%|
|UFPI (Universal Forest)||37.83||-1.02%|
Milwaukee Tool expands Packout collection
The latest Packout models feature a lower profile but the same resistant body.
Milwaukee Tool is adding low-profile organizers and tool bags to its Packout Modular Storage System.
The latest Packout organizers are half the height of current models but maintain the same impact resistant body. Each Organizer has removeable bin dividers and no-travel bin seals to keep products from shifting around. In addition, the Organizers are IP65 rated to keep water and jobsite debris out.
The new 15” and 20” Packout Tool Bags un-zip to reveal large open space for tools, and have cushioned shoulder straps, top handles, and side handles for flexible carry. Each is constructed of tear resistant 1680D ballistic material and have an impact resistant polymer base are up to 5-times more durable than other bases, protecting contents from water, abrasion, and impact.
The new additions feature an intuitive and quick attachment mechanism which gives users the freedom to stack and lock them in different configurations to best suit their needs.