WD-40 Company Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2014; Provides Earnings Guidance for the Full Year of 2015
January 07, 2015 at 09:17 pm
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WD-40 Company reported unaudited consolidated earnings results for the first quarter ended November 30, 2014. For the period, the company reported net sales of $96,353,000 against $95,541,000 for the same period in the last year. Income from operations was $15,593,000 against $16,767,000 for the same period in the last year. Income before income taxes was $15,535,000 against $16,469,000 for the same period in the last year. Net income was $10,786,000 or $0.73 per diluted share against $11,482,000 or $0.74 per diluted share for the same period in the last year. Net cash provided by operating activities was $9,398,000 against $6,709,000 for the same period in the last year. Purchases of property and equipment were $1,582,000 against $1,186,000 for the same period in the last year. The sales growth of the WD-40 Multi-Use Product that experienced in the Americas and Asia-Pacific was entirely offset by a decline in EMEA, primarily due to the unfavorable impacts of foreign currency and a decline in orders following a heavy promotional period in the fourth quarter of last fiscal year.
For 2015, the company expects net income between $45.1 million and $46.4 million, which would achieve a diluted EPS of between $3.07 and $3.16, assuming 14.7 million weighted average shares outstanding. This guidance does not include any future acquisitions or divestiture activity; the company expects global fiscal year sales to be in the range of $398 million to $430 million and that's a growth of between 4% and 8%. The company projects gross margin to be better than 52% and EBITDA to be above 20% of net sales. That's a slight upward revision from last quarter guidance.
WD-40 Company is a global marketing company. The Company is engaged in developing and selling products that solve problems in workshops, factories and homes around the world. It owns a wide range of brands that include maintenance products and homecare and cleaning products, such as WD-40 Multi-Use Product, WD-40 Specialist, 3-IN-ONE, GT85, 2000 Flushes, no vac, 1001, Spot Shot, Lava, Solvol, X-14, and Carpet Fresh. Its maintenance products include multi-purpose maintenance products and specialty maintenance products. WD-40 Multi-Use Product is sold as an aerosol spray with various delivery systems, a non-aerosol trigger spray, a precision pen and in liquid-bulk form. WD-40 Specialist consists of a line of professional-grade specialty maintenance products that includes penetrants, degreasers, corrosion inhibitors, greases, lubricants and rust removers that are aimed at professionals and consumer enthusiasts. The Company markets and sells its products in more than 176 countries.
WD-40 Company Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2014; Provides Earnings Guidance for the Full Year of 2015