The California-based maintenance products manufacturer plans to repurchase up to $75 million of its outstanding shares.
WD-40 Company’s board of directors has approved a new share repurchase plan.
Under the plan, effective on Nov. 1, the San Deigo, Calif.-based manufacturer has authorized the acquisition of up to $75 million of its outstanding shares through Aug. 31, 2023.
The timing and amount of repurchases will be based on terms and conditions acceptable to the company and in compliance with all laws and applicable regulations, WD-40 said.
"Today I am happy to share with you that our board of directors approved a new share repurchase plan," said Jay Rembolt, vice president and CFO of WD-40 Company. "When the pandemic began, we elected to suspend stock repurchases under our previous share repurchase plan in order to conserve our cash while we monitored the long-term impacts of the pandemic.”
Rembolt also said that the share repurchase plan “reflects our confidence in our long-term growth outlook, commitment to our capital allocation strategy, and capacity to return capital to our stockholders."
WD-40 markets a wide range of maintenance, homecare, and cleaning products under a portfolio of well-known brands, including WD-40, 3-IN-ONE, GT85, X-14, 2000 Flushes, Carpet Fresh, No Vac, Spot Shot, 1001, Lava, and Solvol.
For its third quarter, ended May 31, WD-40 reported sales increased 39% to $136.4 million as year-to-date total net sales jumped 26% to $372.9 million.