Business
WD-40 Company Reports Third Quarter 2020 Financial Results
~ Company reports diluted EPS of $1.06 for the third quarter SAN DIEGO, July 9, 2020 /PRNewswire/ -- WD-40 Company (NASDAQ: WDFC), a global marketing
About this update from Wd-40 Company
[{"type":"text","content":"~ Company reports diluted EPS of $1.06 for the third quarter\n\n\nSAN DIEGO, July 9, 2020 /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 third fiscal quarter ended May 31, 2020.\n\n \n \n \n \n \n \n\n \nThird Fiscal Quarter Financial Highlights \nTotal net sales for the third quarter were $98.2 million, a decrease of 14 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $296.9 million, a decrease of 6 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 $100.5 million for the third quarter and $301.1 million year to date. Net income for the third quarter was $14.5 million, a decrease of 20 percent compared to the prior year fiscal quarter. Year-to-date net income was $41.0 million, a decrease of 13 percent from the prior year fiscal period. Diluted earnings per share were $1.06 in the third quarter, compared to $1.30 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $2.98 compared to $3.39 in the prior year fiscal period. Gross margin was 54.0 percent in the third quarter compared to 54.5 percent in the prior year fiscal quarter. Year-to-date gross margin was 54.0 percent compared to 55.0 percent in the prior year fiscal period. Selling, general and administrative expenses were down 13 percent in the third quarter to $27.9 million when compared to the prior year fiscal quarter. Year-to-date selling, general and administrative expenses were down 5 percent to $90.4 million compared to the prior year fiscal period. Advertising and sales promotion expenses were down 24 percent in the third quarter to $4.8 million when compared to the prior year fiscal quarter. Year-to-date advertising and sales promotion expenses were down 13 percent to $15.2 million compared to the prior year fiscal period. \"Our total sales in the third quarter declined by 14 percent due to disruptions related to the COVID-19 pandemic,\" said Garry Ridge, WD-40 Co...