WD-40 Company (NASDAQ:WDFC) Q3 2019 Earnings Conference Call Transcript

Jul 09, 2019 • 05:00 pm ET

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WD-40 Company (NASDAQ:WDFC) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day and welcome to the WD-40 Company Third Quarter Fiscal Year 2019 Earnings Conference Call. Today's call is being recorded. At this time, all participants are in a listen-only mode. At the end of the prepared remarks, we will conduct a question-and-answer session. (Operator Instructions)

I would now like to turn the presentation over to the host for today's call, Ms. Wendy Kelley, Director of Investor Relations and Corporate Communications. Please proceed.

Executive
Wendy Kelley

Thank you. Good afternoon and thanks to everyone for joining us today. On our call today are WD-40 Company's Chief Executive Officer, Garry Ridge; and Vice President and Chief Financial Officer, Jay Rembolt.

In addition to the financial information presented on today's call, we encourage investors to review our earnings presentation, earnings press release and Form 10-Q for the period ending May 31st, 2019. These documents are available on our Investor Relations website at investor.wd40company.com. A replay and transcript of today's call will also be made available at that location shortly after this call.

On today's call, we will discuss certain non-GAAP measures. The descriptions and reconciliations of these non-GAAP measures are available in our SEC filings as well as our earnings presentation. As a reminder, today's call includes forward-looking statements about our expectations for the Company's future performance. Of course, actual results could differ materially. The Company's expectations, beliefs and projections are expressed in good faith, but there can be no assurance that they will be achieved or accomplished. Please refer to the risk factors detailed in our SEC filings for further discussions.

Finally, for anyone listening to a webcast replay or reviewing a written transcript of this call, please note that all information presented is current only as of today's date, July 9th, 2019. The Company disclaims any duty or obligation to update any forward-looking information whether as a result of new information, future events or otherwise.

With that, I'd now like to turn the call over to Garry.

Executive
Garry O. Ridge

Thanks, Wendy. Good day and thanks for joining us for today's conference call. Today, we reported net sales of $114 million for the third quarter of fiscal year 2019, up nearly 7% compared to the third quarter of last year. Net income for the third quarter was $18.1 million compared to $16.1 million last year, reflecting an increase of 12% year-over-year. Diluted earnings per share for the third quarter were $1.30 compared to $1.15 for the same period last year. And I'm happy to share with you that both sales and earnings results for the third quarter reflect new records for the Company.

Now, let's start with the discussion about our strategic initiatives and the brands that support them. We aspire to drive consolidated net sales to approximately $700 million in revenues by the end of fiscal year 2025, and to do so while following our 55/30/25 business model. We'd like to remind investors that these long-term targets are guide posts not guidance, they are probably wrong and roughly right. However, our tribe is working tirelessly on