Exhibit 99.1



WD-40 Company Reports Third Quarter 2019  Financial Results

 ~  Third quarter consolidated net sales grew 7 percent period-over-period  ~

~  Management  strengthens previously issued EPS guidance ~



SAN DIEGO – July  9, 2019 ― 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, 2019.



Financial Highlights and Summary

·

Total net sales for the third quarter were $114.0 million, an increase of 7 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $316.6 million, an increase of 4 percent compared to the prior year fiscal period.  

·

Translation of the Company’s foreign subsidiary results to U.S. dollars had an unfavorable impact on sales for the current quarter and year-to-date.  On a constant currency basis, total net sales would have been $117.5 million for the third quarter and  $324.6 million year to date.

·

Net income for the third quarter was $18.1 million, an increase of 12 percent compared to the prior year fiscal quarter.  Year-to-date net income was $47.3 million, an increase of 9 percent from the prior year fiscal period.

·

Diluted earnings per share were $1.30 in the third quarter, compared to $1.15 per share for the prior year fiscal quarter.  Year-to-date diluted earnings per share were $3.39 compared to $3.10 in the prior year fiscal period.

·

Gross margin was 54.5 percent in the third quarter compared to 54.8 percent in the prior year fiscal quarter.  Year-to-date gross margin was 55.0 percent compared to 55.1 percent in the prior year fiscal period.

·

Selling, general and administrative expenses were up 6 percent in the third quarter to $32.0 million when compared to the prior year fiscal quarter.  Year-to-date selling, general and administrative expenses were up 4 percent to $95.3 million compared to the prior year fiscal period. 

·

Advertising and sales promotion expenses were up 14 percent in the third quarter to $6.3 million when compared to the prior year fiscal quarter.   Year-to-date advertising and sales promotion expenses were up 10 percent to $17.4 million compared to the prior year fiscal period. 



“We had a solid quarter with consolidated net sales up 7 percent from last year and in-line with our targeted compound annual growth rate,” said Garry Ridge, WD-40 Company’s chief executive officer.  “The Americas segment came in under our targeted growth rate for the segment because they had a particularly strong comparable period last year.  This is because in the third quarter of last year many of our customers in the Americas were buying high volumes of product in advance of our planned price increases in the region.



“Overall, we are pleased with the solid progress we have made for the year and remain confident that our strategic initiatives are well positioned to carry us into the future. While we continue to see fluctuations in certain markets from time to time, our long-term growth plans remain stable and we expect we will continue to deliver on our expectations,” concluded Ridge. 



 Net Sales by Segment (in thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended May 31,

 

Nine Months Ended May 31,



2019

 

2018

 

Change

 

2019

 

2018

 

Change

Americas

$

52,966 

 

$

52,999 

 

 

-

 

$

144,654 

 

$

144,129 

 

 

-

EMEA

 

44,548 

 

 

39,571 

 

 

13% 

 

 

124,259 

 

 

114,231 

 

 

9% 

Asia-Pacific

 

16,475 

 

 

14,455 

 

 

14% 

 

 

47,693 

 

 

47,518 

 

 

-

Total

$

113,989 

 

$

107,025 

 

 

7% 

 

$

316,606 

 

$

305,878 

 

 

4% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 


The following information was filed by Wd 40 Co (WDFC) on Tuesday, July 9, 2019 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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