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Nov 30, 2023
WD-40 Q1 2024 Earnings Report
WD-40's financial performance in Q1 2024 reflected significant sales growth and improved gross margin.
Key Takeaways
WD-40 Company reported a 12% increase in net sales to $140.4 million for the first quarter of fiscal year 2024. Net income increased by 25% to $17.5 million, with diluted earnings per share at $1.28. The company reiterated its fiscal year 2024 guidance.
Total net sales increased by 12% compared to the prior year fiscal quarter.
Gross margin improved to 53.8% compared to 51.4% in the prior year fiscal quarter.
Net income increased 25% from the prior year fiscal quarter.
Diluted earnings per share were $1.28 compared to $1.02 for the prior year fiscal quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company reiterated the following guidance for fiscal year 2024:
Positive Outlook
- Net sales growth is projected to be between 6 and 12 percent with net sales expected to be between $570 million and $600 million on a non-GAAP constant currency basis.
- Gross margin for the full year is expected to be between 51 and 53 percent.
- Advertising and promotion investments are projected to be between 5 and 6 percent of net sales.
- The provision for income tax is expected to be between 24 and 25 percent.
- Net income is projected to be between $65 million and $70 million.
Challenges Ahead
- Diluted earnings per share is expected to be between $4.78 and $5.15 based on an estimated 13.6 million weighted average shares outstanding.
- Unanticipated inflationary headwinds may affect the Company’s financial results.
- Other unforeseen events may further affect the Company’s financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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