Exhibit 99.1



WD-40 Company Reports Third Quarter 2018 Financial Results

~ Global net sales of maintenance products grew 11 percent compared to prior year fiscal period ~

~ Board of Directors approves new 75.0 million share buyback plan to replace expiring plan  ~



SAN DIEGO – July 10, 2018 ― WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its third fiscal quarter ended May 31, 2018.



Financial Highlights and Summary

·

Total net sales for the third quarter were $107.0 million, an increase of 9 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $305.9 million, an increase of 8 percent compared to the prior year fiscal period.  

·

Translation of the Company’s foreign subsidiary results to U.S. dollars had a favorable impact on sales for the current quarter and year-to-date.  On a constant currency basis, total net sales would have been $102.6 million for the third quarter and $295.8 million year to date.

·

Net income for the third quarter was $16.1 million, an increase of 12 percent compared to the prior year fiscal quarter. Year-to-date net income was $43.6 million, an increase of 13 percent from the prior year fiscal period.

·

Diluted earnings per share were $1.15 in the third quarter, compared to $1.02 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $3.10 compared to $2.71 in the prior year fiscal period.

·

Gross margin was 54.8 percent in the third quarter compared to 55.3 percent in the prior year fiscal quarter.  Year-to-date gross margin was 55.1 percent compared to 56.3 percent in the prior year fiscal period.

·

Selling, general and administrative expenses were up 9 percent in the third quarter to $30.1 million when compared to the prior year fiscal quarter.  Year-to-date selling, general and administrative expenses were up 6 percent to $91.7 million compared to the prior year fiscal period. 

·

Advertising and sales promotion expenses were up 2 percent in the third quarter to $5.5 million when compared to the prior year fiscal quarter.  Year-to-date advertising and sales promotion expenses were up 4 percent to  $15.8 million compared to the prior year fiscal period. 



"We had a solid quarter and are pleased that we achieved both sales and earnings results which reflect new record highs for the Company,” said Garry Ridge, WD-40 Company’s president and chief executive officer. "Our maintenance products delivered solid sales increases in the third quarter including 10 percent growth of WD-40 Multi-Use Product and 16 percent growth of WD-40 Specialist.  Though fluctuating foreign currency exchange rates favorably impacted our sales results in the current quarter, we still saw a currency adjusted sales growth rate of 5 percent period-over-period.



“Unfortunately we are continuing to see the impact of higher commodity prices which have begun to deteriorate our gross margins in all three of our operating segments.  To combat this margin pressure we have made some price increases to ensure our gross margin remains in-line with our 55/30/25 business model.



“Finally, we continue to return capital to our investors through regular dividends and share buybacks.  Over the last 2 years alone we have returned over $100 million in capital to our shareholders in this manner. In order to continue returning capital to shareholders through share buybacks, last month our Board of Directors approved a  new $75.0 million share buyback plan to replace our expiring plan,” concluded Ridge.  



1

 


The following information was filed by Wd 40 Co (WDFC) on Tuesday, July 10, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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