WD-40 Fiscal 4Q Earnings Climb Nearly 64 Percent

SAN DIEGO (AP) — Consumer products maker WD-40 Co. said Wednesday its fiscal fourth-quarter profit soared nearly 64 percent, helped by lower costs and slightly higher sales.

Net income rose to $7.6 million, or 46 cents per share, for the three months ended Aug. 31. That compares with $4.7 million, or 28 cents, during the same period last year.

Sales edged up 1.1 percent to $77.8 million from $34.5 million.

Analysts surveyed by Thomson Reuters, on average, expected a profit of 40 cents per share on revenue of $71.7 million. Those estimates generally exclude one-time items.

For the full fiscal year, WD-40's earnings slid nearly 5 percent to $26.3 million, or $1.58 per share, from $27.6 million, or $1.64 a share.

During the year, foreign currency exchange rates hurt net sales by $30 million and net income by $4.5 million, the company said.

Garry Ridge, the company's president and CEO, said WD-40 made strategic decisions during the year that should benefit the company in the long term.