Business
WD-40 Company Reports Fourth Quarter and Fiscal Year 2022 Financial Results
~ Global sales of maintenance products grow 8 percent for fiscal year compared to prior year period ~ ~ Management provides fiscal year 2023 guidance ~ SAN
About this update from Wd-40 Company
[{"type":"text","content":"\n~ Global sales of maintenance products grow 8 percent for fiscal year compared to prior year period ~\n\n~ Management provides fiscal year 2023 guidance ~\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 fourth quarter and fiscal year ended August 31, 2022.\n\nFinancial Highlights and Summary\n\n\nTotal net sales for the fourth quarter were $130.4 million, an increase of 13 percent compared to the prior year fiscal quarter. For the full fiscal year, total net sales were $518.8 million, an increase of 6 percent compared to the prior fiscal year.\n\n\nTranslation of the Company’s foreign subsidiary results to U.S. dollars had an unfavorable impact on sales for the current quarter and full fiscal year. On a constant currency basis, total net sales would have been $137.1 million for the fourth quarter and $527.1 million for the full fiscal year.\n\n\nNet income for the fourth quarter was $14.8 million, an increase of 77 percent compared to the prior year fiscal quarter. For the full fiscal year, net income was $67.3 million, a decrease of 4 percent from the prior fiscal year. On a constant currency basis, total net income would have been $15.5 million for the fourth quarter and $68.1 million for the full fiscal year.\n\n\nDiluted earnings per share were $1.08 in the fourth quarter, compared to $0.61 per share for the prior year fiscal quarter. For the full fiscal year, diluted earnings per share were $4.90 compared to $5.09 in the prior fiscal year.\n\n\nGross margin was 47.4 percent in the fourth quarter compared to 51.2 percent in the prior year fiscal quarter. For the full fiscal year, gross margin was 49.1 percent compared to 54.0 percent in the prior fiscal year.\n\n\nSelling, general and administrative expenses were down 11 percent in the fourth quarter to $31.8 million when compared to the prior year fiscal quarter. Selling, general and administrative expenses for the full fiscal year were down 5 percent to $138.7 million compared to the prior fiscal year.\n\n\nAdvertising and sales promotion expenses were down 2 percent in the fourth quarter to $10.1 million when compared to the prior ...