Business
WD-40 Company Reports Second Quarter 2023 Financial Results
~ Foreign currency exchange headwinds continue to negatively impact reported results ~ ~ Management updates previously issued fiscal year 2023 guidance ~ SAN
About this update from Wd-40 Company
[{"type":"text","content":"\n~ Foreign currency exchange headwinds continue to negatively impact reported results ~\n\n\n~ Management updates previously issued fiscal year 2023 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 second fiscal quarter ended February 28, 2023.\n\n\nFinancial Highlights and Summary\n\n\n\nTotal net sales for the second quarter were relatively constant at $130.2 million compared to $130.0 million in the prior year fiscal quarter. Year-to-date total net sales were $255.1 million, a decrease of 4 percent compared to the prior year fiscal period of $264.7 million.\n\n\n\nTranslation of the Company’s foreign subsidiaries’ results from their functional currencies 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 $135.7 million for the second quarter and $270.1 million year-to-date.\n\n\n\nNet income for the second quarter was $16.5 million, a decrease of 15 percent from the prior year fiscal quarter. Year-to-date net income was $30.5 million, a decrease of 20 percent from the prior year fiscal period.\n\n\n\nDiluted earnings per share were $1.21 in the second quarter, compared to $1.41 in the prior year fiscal quarter. Year-to-date diluted earnings per share were $2.23 compared to $2.75 for the prior year fiscal period.\n\n\n\nGross margin percentage was 50.8 percent in the second quarter, compared to 50.4 percent in the prior year fiscal quarter. Year-to-date gross margin was 51.1 percent compared to 50.6 percent in the prior year fiscal period.\n\n\n\nSelling, general and administrative expenses were up 8 percent in the second quarter to $37.7 million compared to the prior year fiscal quarter. Year-to-date selling, general and administrative expenses increased 6 percent to $77.7 million compared to the prior year fiscal period.\n\n\n\nAdvertising and sales promotion expenses were up 7 percent in the second quarter to $6.0 million compared to the prior year fiscal quarter. Year-to-date advertising and sales promotion expenses were up 1 percent to $11.3 million compared to the pri...