Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$WDFC said it is looking for net sales between $396MM and 403MM for fiscal 2018, representing a 4-6% YoY increase. Full year net income is expected to be in the range of $54.4MM to $55.3MM, and earnings per share between $3.91 and $3.98. The company anticipates to register gross margin of 56% in 2018.
Favorable currency exchange rates and strong demand for its maintenance products pushed up $WDFC’s sales 9% to $98MM in 1Q18. The topline growth translated into a 7% annual increase in net profit to $12.6MM or $0.90 per share. Sales increased across all geographical segments, with EMEA registering a 16% gain.
$WDFC stated that its core business is growing and excluding the currency fluctuations, the core business is growing at a reasonable rate. The company added that it will work towards its long-term goals which it is comfortable with and intends on delivering on over time.
During 3Q17, $WDFC’s net sales in Australia in US dollars were $4.5MM, up 4% compared to last year. Changes in foreign currency exchange rates had a favourable impact on these results. In the Australian dollar, sales were up 1%, primarily due to continued growth of the base business.
$WDFC posted a 2% YoY fall in 3Q17 sales in the Americas, hurt mainly by lower sales of maintenance products in the US. Meanwhile, sales in EMEA and Asia Pacific moved up 4% and 8%, respectively, owing to stronger distributor markets. Overall, sales of maintenance products rose 3%, while those of homecare and cleaning products dropped 6% in 3Q17.
$WDFC said it expects full-year 2017 net sales to be in the range of $382MM-$388MM, which is flat to up 2% compared to last year. Net income is forecast between $51.3-52.3MM, and EPS between $3.64-3.71. The company sees its gross margin percentage to be above 56% in FY17.
Household chemicals maker $WDFC reported a 14% growth in 3Q17 profit to $14.4MM, helped mainly by lower expenses. EPS advanced to $1.02 from $0.88 in 3Q16. Sales moved up 2% YoY to $98.2MM, which was partially offset by an unfavorable foreign exchange impact.
$WDFC is not seeing improvement in Mexico and expects a reduction of a couple of million dollars in this market. The company is getting more revenue from Europe as a percentage and this revenue is translating into a lower consolidated number because of the Pound. The mix of sales from Europe and Mexico led to a reduced sales guidance for FY17.
$WDFC launched EZ-REACH in Australia in 2Q17 and this is currently the only market outside the US that this product has entered. The company expects the product to be launched in EMEA later in 2017. $WDFC has increased its capacity to roll this product out to other markets but for the rest of 2017, the focus will be on the US and Australia.
During 2Q17, $WDFC’s consolidated net sales in the EMEA region increased to $36.2MM, up 2% from last year. EMEA results were negatively impacted by FX headwinds. Consolidated net sales in Asia-Pacific increased to $15.2MM, up 14% from last year. In Australia, net sales were $3.9MM, flat compared to last year.
In 2Q17, global sales of $WDFC’s WD-40 Multi-Use Products were up 4% driven by increased product sales in all three trading blocks. Sales of WD-40 Specialist were $5.5MM, up 1% over 2Q16. $WDFC believes it can grow WD-40 Multi-Use Product to approx. $600MM and WD-40 Specialist to approx. $125MM in revenues by 2025-end.
The WD-40 spray maker $WDFC posted a net income of $12.4MM or $0.87 per diluted share for 2Q17, down 10% from $13.7MM or $0.94 per share a year ago. The decrease in profit was due to an income tax expense adjustment and the periodic fluctuations in some non-operating currency related items. Forex rates let the net sales grow only 2% to $96.5MM.