WD-40 Company (WDFC) Q3 Earnings Top, Maintenance Sales Rise 10%

Core Insights - WD-40 Company (WDFC) reported better-than-expected third-quarter fiscal 2024 results, leading to a 4% increase in share price on July 11 [1] Financial Performance - Net sales reached $155.1 million, a 9$147.2 million, representing a 10% increase from the previous year [2] - Gross profit was $82.4 million, up from$71.8 million year-over-year, with gross margin expanding by 250 basis points to 53.1% [10] - Earnings per share were reported at $1.46, surpassing the Zacks Consensus Estimate of$1.27 and increasing from $1.38 in the same quarter last year [14] Regional Sales Breakdown - In the Americas, net sales were$75.1 million, a 6% increase year-over-year, with a notable 7% rise in WD-40 Multi-Use Product sales [3] - EIMEA region saw net sales of $59.4 million, a 13$20.5 million, up 14% year-over-year, driven by an 11% increase in WD-40 Multi-Use Product sales [22] Future Outlook - For fiscal 2024, management anticipates net sales growth between 6-12%, projecting net sales of $570 million to$600 million on a non-GAAP constant currency basis [5] - The company expects a gross margin in the range of 51.5-53% [5] Shareholder Actions - From September 1, 2023, through the end of the third quarter of fiscal 2024, the company repurchased 34,250 shares for a total of $8.1 million as part of a$50 million repurchase program [23]