WD-40's Q4 net income rose 48% year-over-year to US$10.2M, due in part to a sharp increase in sales of its flagship lubricants; revenue rose 12.5% to US$90.7M from a year ago

Michelle Rivera

Michelle Rivera

Oct 18, 2011 – Associated Press

SAN DIEGO, California , October 18, 2011 () – WD-40 Co. said on Monday that fourth-quarter net income jumped 48 percent as overseas sales of its flagship lubricants rose sharply.

The company earned $10.2 million, or 61 cents per share, during the quarter that ended Aug. 31. That was up from net income of $6.9 million, or 41 cents per share, during the same period last year. Revenue rose 12.5 percent to $90.7 million, from $80.7 million a year earlier.

Analysts surveyed by FactSet had been expecting net income of 53 cents per share on revenue of $88.4 million.

Revenue for its main products -- WD-40, 3-In-One, and Blue Works -- were up 16 percent to $74.1 million. That included a 2 percent rise in sales in the Americas to $46.4 million. Europe sales rose 26 percent to $34.7 million, and Asia-Pacific sales rose 25 percent to $9.6 million.

The company said it expects fiscal 2012 sales of $353 million to $370 million. It expects net income of $37.2 million to $39.2 million, or earnings per share of $2.28 to $2.40 per share. Analysts were expecting net income of $2.35 per share on revenue of $355.5 million.

For all of fiscal 2011, the company earned $36.4 million, or $2.14 per share, compared to $36.1 million, or $2.15 per share, a year earlier. Full-year revenue rose 4.6 percent to $336.4 million.

WD-40 shares fell $2.27, or 5.1 percent, to close at $42.28 before the results were released. They were unchanged in after-market trading.

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