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Feb 28, 2023
WD-40 Q2 2023 Earnings Report
WD-40 Company's financial results for the second quarter of fiscal year 2023 were reported.
Key Takeaways
WD-40 Company reported relatively constant net sales of $130.2 million compared to the prior year, with net income decreasing by 15% to $16.5 million and diluted earnings per share at $1.21. The company's gross margin percentage increased slightly to 50.8% from 50.4% in the prior year.
Total net sales for the second quarter were relatively constant at $130.2 million.
Net income for the second quarter was $16.5 million, a decrease of 15 percent from the prior year fiscal quarter.
Diluted earnings per share were $1.21 in the second quarter, compared to $1.41 in the prior year fiscal quarter.
Gross margin percentage was 50.8 percent in the second quarter, compared to 50.4 percent in the prior year fiscal quarter.
WD-40
WD-40
WD-40 Revenue by Segment
WD-40 Revenue by Geographic Location
Revenue by Segment
Americas Revenue
CapyFin.comEIMEA Revenue
CapyFin.comAsia-Pacific Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEIMEA Revenue
CapyFin.comAsia-Pacific Revenue
CapyFin.com Forward Guidance
The Company updated the following guidance for fiscal year 2023:
Positive Outlook
- Net sales growth is projected to be between 3.5 and 7.5 percent with net sales expected to be between $535 million and $560 million.
- Gross margin percentage for the full year is expected to be between 51 and 52 percent.
- Advertising and promotion investments are projected to be between 5.0 and 5.5 percent of net sales.
- The provision for income tax is expected to be around 21 percent.
- Net income is projected to be between $64.5 million and $68.5 million.
Challenges Ahead
- Unanticipated inflationary headwinds may affect the Company’s financial results.
- Changes in foreign currency exchange rates may affect the Company’s financial results.
- Other unforeseen events may affect the Company’s financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income