Business
WD-40 Company Reports Second Quarter 2024 Financial Results
~ Global net sales grew 7 percent in the second quarter compared to the prior year fiscal quarter ~ ~ Management increasing fiscal year 2024 net income and
About this update from Wd-40 Company
[{"type":"text","content":"\n~ Global net sales grew 7 percent in the second quarter compared to the prior year fiscal quarter ~\n\n\n~ Management increasing fiscal year 2024 net income and diluted earnings per share 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 29, 2024.\n\n\nSecond Quarter Highlights and Summary:\n\n\n\nTotal net sales for the second quarter were $139.1 million, an increase of 7 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $279.5 million, an increase of 10 percent compared to the prior year fiscal period.\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 and year-to-date. On a non-GAAP constant currency basis, total net sales in the second quarter would have increased 5 percent to $136.3 million compared to the prior year fiscal quarter and would have increased 7 percent to $272.7 million compared to the prior year fiscal period.\n\n\n\nGross margin was 52.4 percent in the second quarter compared to 50.8 percent in the prior year fiscal quarter. Year-to-date gross margin was 53.1 percent compared to 51.1 percent in the prior year fiscal period.\n\n\n\nSelling, general, and administrative expenses were up 19 percent in the second quarter to $45.0 million compared to the prior year fiscal quarter. Year-to-date selling, general and administrative expenses were up 15 percent to $89.2 million compared to the prior year fiscal period.\n\n\n\nAdvertising and sales promotion expenses were up 12 percent in the second quarter to $6.7 million compared to the prior year fiscal quarter. Year-to-date advertising and sales promotion expenses were up 21 percent to $13.7 million compared to the prior year fiscal period.\n\n\n\nNet income for the second quarter was $15.5 million, a decrease of 6 percent from the prior year fiscal quarter. Year-to-date net income was $33.0 million, an increase of 8 percent from the prior year fiscal period.\n\n\n\nDiluted earnings per share were $1.14 in the second quart...