WD-40 Co. reported record high sales and earnings results for its third quarter, which ended May 31. The business produces its namesake lubricant as well as a line of cleaners and maintenance products, and takes them to market globally.
WD-40 (Nasdaq: WDFC) reported net income of $16.1 million on net sales of $107 million. In the same quarter one year ago, it reported net income of $14.4 million on net sales of $98.2 million.
For the first nine months, WD-40 reported net income of $43.6 million on net sales of $305.9 million. That beat the first nine months of last year, when it turned in net income of $38.6 million on net sales of $283.9 million.
The corporation reported its financial results July 10.
The company also announced that its board approved a new plan to buy back 75 million shares of stock.
Shares of WD-40 closed July 12 at a new 52-week high of $162.15.
“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 CEO Garry Ridge in a statement distributed by the company. “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.”
Foreign exchange rates, which can be a drag on the financial results, worked in the company’s favor this quarter.