Specialty chemical producer WD-40 Co. reported net income of $52.9 million, or $3.72 per diluted share, on revenue of $380.5 million for its 2017 fiscal year, which ended Aug. 31.
Results were not that much different from fiscal 2016, when WD-40 (Nasdaq: WDFC) reported net income of $52.6 million, or $3.64 per diluted share, on revenue of $380.7 million.
The business released its earnings Oct. 19.
In a prepared statement, CEO Garry Ridge laid out plans to increase revenue by more than 80 percent over eight years.
“As we embark into fiscal year 2018, we believe the bulk of the recent foreign currency exchange headwinds are behind us and, accordingly, think it is an appropriate time to review our long-term revenue targets,” Ridge said. “Our revised long-term revenue target is to drive consolidated net sales to approximately $700 million in revenue by the end of fiscal year 2025.”
WD-40 Co. has its headquarters in San Diego’s Morena district and distributes worldwide. It has a growing business in the Asia-Pacific region.
In the fourth quarter of fiscal 2017, the business reported net income of $14.4 million on net sales of $96.6 million. In the fourth quarter of fiscal 2016, it reported net income of $14.2 million on net sales of $97.2 million.