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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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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