Business
WD-40 Company Reports Fourth Quarter and Fiscal Year 2023 Financial Results
~ Global net sales grew 4 percent for fiscal year 2023 compared to prior year ~ ~ Management provides fiscal year 2024 guidance ~ SAN DIEGO--(BUSINESS
About this update from Wd-40 Company
[{"type":"text","content":"\n~ Global net sales grew 4 percent for fiscal year 2023 compared to prior year ~\n~ Management provides 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 fourth quarter and fiscal year ended August 31, 2023.\n\n\nFinancial Highlights and Summary\n\n\n\nTotal net sales for the fourth quarter were $140.5 million, an increase of 8 percent compared to the prior year fiscal quarter. For the full fiscal year, total net sales were $537.3 million, an increase of 4 percent compared to the prior fiscal year.\n\n\n\nTranslation of the Company’s foreign subsidiaries’ results from their functional currencies to U.S. dollars had a favorable impact on sales for the current quarter and an unfavorable impact for the full fiscal year. On a non-GAAP constant currency basis, total net sales would have been $139.2 million for the fourth quarter and $555.0 million for the full fiscal year.\n\n\n\nNet income for the fourth quarter was $16.6 million, an increase of 12 percent compared to the prior year fiscal quarter. For the full fiscal year, net income was $66.0 million, a decrease of 2 percent compared to the prior fiscal year.\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 income for the current quarter and an unfavorable impact for the full fiscal year. On a non-GAAP constant currency basis, net income would have been $16.3 million for the fourth quarter and $68.4 million for the full fiscal year.\n\n\n\nDiluted earnings per share were $1.21 in the fourth quarter compared to $1.08 in the prior year fiscal quarter. For the full fiscal year, diluted earnings per share were $4.83 compared to $4.90 for the prior fiscal year.\n\n\n\nGross margin was 51.4 percent in the fourth quarter compared to 47.4 percent in the prior year fiscal quarter. For the full fiscal year, gross margin was 51.0 percent compared to 49.1 percent in the prior fiscal year.\n\n\n\nSelling, general, and administrative expenses were up 22 percent in the fourth quarter to $38.8 million compared to the prior year fiscal ...