SAN DIEGO (AP) — WD-40 Co. said Monday its net income rose 12 percent in the fiscal third quarter on greater sales of multipurpose items like its namesake WD-40 spray lubricant.
The company said multipurpose maintenance products like WD-40 3-in-One and Blue Works rose 12 percent to $82.2 million. That more than made up for a decrease in sales of homecare and cleaning products. WD-40 also said its profit margins improved, as advertising and sales promotion costs decreased. The company raised its profit forecast for the full year, and its shares climbed in aftermarket trading.
WD-40 shares gained $5, or 8.7 percent, to $62.65 in late trading. The stock lost 13 cents to $57.65 during the regular session. And is up about 22 percent since the start of the year.
The company reported earnings of $10.3 million, or 66 cents per share, for the three months ended May 31. That's up from $9.1 million, or 57 cents per share, one year ago. Its revenue rose 7 percent, to $93.1 million from $87 million.
A 3 percent reduction in the number of outstanding shares since the year-ago quarter boosted per-share results by 2 cents.
Analysts, on average, were expecting net income of 56 cents per share, according to FactSet.
WD-40 said it now expects to report net income of $2.40 to $2.48 per share for its current fiscal year, which ends in August. The company previously projected income of $2.32 to $2.42 per share.
Analysts expect $2.39 per share, on average.
WD-40 said it should report $356 million to $370 million in revenue for the year.