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May 31, 2024
WD-40 Q3 2024 Earnings Report
WD-40 Company reported a strong third quarter in 2024, marked by record sales and robust volume growth across all trade blocs.
Key Takeaways
WD-40 Company reported a 9% increase in net sales, reaching $155.0 million, driven by strong volume growth across all trade blocs. Diluted earnings per share increased to $1.46, and the company reiterated its fiscal year 2024 guidance.
Total net sales increased by 9% to $155.0 million compared to the prior year fiscal quarter.
Maintenance product sales grew by 10% compared to the prior year fiscal quarter.
Gross margin improved to 53.1% compared to 50.6% in the prior year fiscal quarter.
Diluted earnings per share increased to $1.46 compared to $1.38 in the prior year fiscal quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company reiterated its guidance for fiscal year 2024.
Positive Outlook
- Net sales growth is projected to be between 6 and 12 percent on a non-GAAP constant currency basis.
- 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 51.5 and 53 percent.
- Advertising and promotion investments are projected to be between 5 and 6 percent of net sales.
- Net income is projected to be between $67.7 million and $71.8 million.
Challenges Ahead
- The provision for income tax is expected to be between 23 and 24 percent.
- Diluted earnings per share is expected to be between $5.00 and $5.30 based on an estimated 13.6 million weighted average shares outstanding.
- Unanticipated inflationary headwinds may affect the Company’s financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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