San Diego Business Journal

Scripps Ranch lubricant and cleaning product manufacturer WD-40 Corp. announced diluted earnings per share of $1.14 when it released its Q2 2019 results this week. In the same quarter one year ago, the company reported diluted earnings per share of $1.05.

The manufacturer said product sales reached $101.3 million for the quarter and noted a 2 percent increase in sales from Q2 2018.

Year-to-date sales reached $202.6 million while net income for Q2 reached $15.9 million, increasing 7 percent year-over-year. WD-40 announced a growth in net income by 5 percent during Q1 2019.

The company said net sales suffered as a result of foreign subsidiaries translating quarterly results to U.S. currency. Net sales would have otherwise reached $104.6 million for the quarter and $207.1 million for its fiscal year, the company said in a news release.

The lubricant manufacturer noted a decrease in net sales in the Americas by 2 percent, while the Europe, Middle East and Africa markets made a 3 percent gain for the quarter.

WD-40 has put in place a goal to reach $700 million in revenue by 2025.