WD-40, a San Diego-based company, announced impressive financial results for the third quarter. The company reported a net income of $18.9 million, or $1.38 per share, compared to $14.5 million, or $1.07 per share, in the same period last year. This demonstrates significant growth in both the top and bottom line.
Sales also experienced a notable increase, reaching $141.7 million compared to $123.7 million last year. Despite this success, WD-40 acknowledged that foreign currency conversions negatively impacted sales, estimating that adjusted sales would have been $145.6 million for the quarter.
CEO Steve Brass emphasized the importance of monitoring changing foreign currency exchange rates. As over half of WD-40’s revenue is generated in currencies other than the US dollar, the company remains exposed to this risk.
In addition to strong financial performance, WD-40’s board of directors approved a new share buyback program. The program will consist of 50 million shares and will replace the existing program that is set to expire soon.
Overall, WD-40 continues to demonstrate its resilience and commitment to delivering positive results. With a focus on navigating foreign currency exchange challenges and a new share buyback program in place, the company remains poised for further growth.
