WD-40 Company reported unaudited consolidated earnings results for the first fiscal quarter ended November 30, 2017. For the quarter, the company reported net sales of $97,597,000 against $89,248,000 a year ago. Income from operations was $17,136,000 against $16,516,000 a year ago. Income before income taxes was $16,556,000 against $16,396,000 a year ago. Net income was $12,630,000 against $11,758,000 a year ago. Earnings per basic and diluted share were $0.90 against $0.82 a year ago. Net cash provided by operating activities was $12,579,000 against $15,630,000 a year ago. Purchases of property and equipment were $1,009,000 against $11,603,000 a year ago. Purchase of intangible assets was $175,000.

The company has updated its net income and diluted earnings per share guidance to reflect its recent adoption of the new accounting standard for stock-based compensation: Net sales growth is projected to be between 4% and 6% with net sales expected to be between $396 million and $403 million. Gross margin percentage for the full year is expected to be near 56%. Net income is projected to be between $54.4 million and $55.3 million. Diluted earnings per share is expected to be between $3.91 and $3.98 based on an estimated 13.9 million weighted average shares outstanding. The company expects that the Act will have some favorable impact on its annual effective income tax rate in fiscal year 2018.