Business
WD-40 Company Reports First Quarter 2024 Financial Results
~ Global net sales grew 12 percent in the first quarter compared to the prior year fiscal quarter ~ ~ Management reiterates fiscal year 2024 guidance ~ SAN
About this update from Wd-40 Company
[{"type":"text","content":"\n~ Global net sales grew 12 percent in the first quarter compared to the prior year fiscal quarter ~\n\n\n~ Management reiterates fiscal year 2024 guidance ~\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nWD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its first fiscal quarter ended November 30, 2023.\n\n\nFirst Quarter Highlights and Summary:\n\n\n\nTotal net sales for the first quarter were $140.4 million, an increase of 12 percent compared to the prior year fiscal quarter.\n\n\n\nTranslation of the Company’s foreign subsidiaries’ results from their functional currencies to U.S. dollars had a favorable impact on net sales for the current quarter. On a non-GAAP constant currency basis, total net sales in the first quarter would have increased 9 percent to $136.5 million compared to the prior year fiscal quarter.\n\n\n\nGross margin was 53.8 percent compared to 51.4 percent in the prior year fiscal quarter.\n\n\n\nSelling, general, and administrative expenses were up 10 percent to $44.1 million compared to the prior year fiscal quarter.\n\n\n\nAdvertising and sales promotion expenses were up 31 percent to $7.0 million compared to the prior year fiscal quarter.\n\n\n\nNet income for the first quarter was $17.5 million, an increase of 25 percent from the prior year fiscal quarter.\n\n\n\nDiluted earnings per share were $1.28 compared to $1.02 for the prior year fiscal quarter.\n\n\n\n“We have started fiscal year 2024 firing on all cylinders, with significant volume-related sales growth across all three trade blocs,” said Steve Brass, WD-40 Company’s president and chief executive officer. “On a constant currency basis, global net sales were up 9 percent in the first quarter which is in line with both our fiscal 2024 guidance and our long-term growth projections. We are also pleased that gross margin improved 240 basis points over the prior year representing the highest level since the second quarter of fiscal year 2021. Overall, we are incredibly pleased with our solid first quarter performance and it provides us confidence that we will achieve our 2024 financial goals,” concluded Brass.\n\n\nNet Sales by Segment (in thousands):\n\n\n\n\n\n...