WD-40 Company Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2013; Provides Earnings Guidance for the Fiscal 2014
January 08, 2014 at 09:00 pm
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WD-40 Company reported unaudited consolidated earnings results for the first quarter ended November 30, 2013. For the period, the company reported net sales of $95,541,000 against $95,264,000 for the same period in the last year. Income from operations was $16,767,000 against $15,865,000 for the same period in the last year. Income before income taxes was $16,469,000 against $15,854,000 for the same period in the last year. Net income was $11,482,000 or $0.74 per diluted share against $10,944,000 or $0.69 per diluted share for the same period in the last year. Net cash provided by operating activities was $6,709,000 against $15,595,000 for the same period in the last year. Purchases of property and equipment were $1,186,000 against $527,000 for the same period in the last year.
The company provided earnings guidance for the fiscal 2014. The company expects fiscal year 2014 net sales of $383 million to $398 million and net income of $40.5 million to $42.8 million. The company expects diluted earnings per share of $2.65 to $2.80 based on an estimated 15.3 million weighted average shares outstanding. Gross margin for the full year is expected to be close to 51%. This guidance does not include any acquisitions or divestitures, and assumes that foreign currency exchange rates will remain close to 2013 levels.
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, 2013; Provides Earnings Guidance for the Fiscal 2014