Business
WD-40 Company Reports Second Quarter 2019 Financial Results
SAN DIEGO, April 9, 2019 /PRNewswire/ -- WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by
About this update from Wd-40 Company
[{"type":"text","content":"SAN DIEGO, April 9, 2019 /PRNewswire/ -- WD-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 second fiscal quarter ended February 28, 2019.\n\n \nFinancial Highlights and Summary\nTotal net sales for the second quarter were $101.3 million, relatively constant compared to the prior year fiscal quarter. Year-to-date total net sales were $202.6 million, an increase of 2 percent compared to the prior year fiscal period. Translation of the Company's foreign subsidiary results to U.S. dollars had an unfavorable impact on sales for the current quarter and year-to-date. On a constant currency basis, total net sales would have been $104.6 million for the second quarter and $207.1 million year to date. Net income for the second quarter was $15.9 million, an increase of 7 percent compared to the prior year fiscal quarter. Year-to-date net income was $29.2 million, an increase of 6 percent from the prior year fiscal period. Diluted earnings per share were $1.14 in the second quarter, compared to $1.05 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $2.09 compared to $1.95 in the prior year fiscal period. Gross margin was 55.4 percent in the second quarter compared to 55.1 percent in the prior year fiscal quarter. Year-to-date gross margin remained constant at 55.3 percent for both the current and prior year fiscal period. Selling, general and administrative expenses were up 1 percent in the second quarter to $30.6 million when compared to the prior year fiscal quarter. Year-to-date selling, general and administrative expenses were up 3 percent to $63.3 million compared to the prior year fiscal period. Advertising and sales promotion expenses remained relatively constant at $5.2 million for both the current and prior year fiscal quarter. Year-to-date advertising and sales promotion expenses were up 8 percent to $11.1 million compared to the prior year fiscal period. \"I have often found it wise to consider whether an 'event' or a 'trend' is behind any particular operational outcome. This quarter is a great example of why I think about our business in this way,\" said Garry Ridge, WD-40 Company's pre...