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WD-40 Company Q3 net sales $114.0 million

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Christian Fernsby |
WD-40 Company
WD-40 Company   Net income for the third quarter was $18.1 million

WD-40 Company reported financial results for its third fiscal quarter ended May 31, 2019.

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.

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.


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