WD-40 pany(US:WDFC)2022-10-20 03:38Financial Performance - Q4 FY22 - Net sales increased by 13% to $130.4 million compared to $115.2 million in Q4 FY21[23, 24] - Foreign currency exchange rates unfavorably impacted net sales by approximately $6.2 million[24] - Net income increased by 76% to $14.8 million compared to $8.4 million in Q4 FY21[24] - EPS (Diluted) increased by 77% to $1.08 compared to $0.61 in Q4 FY21[24] - Gross margin decreased by 380 basis points to 47.4% compared to 51.2% in Q4 FY21, primarily due to higher specialty chemical costs and aerosol can costs, partially offset by price increases[24, 72, 73] Financial Performance - FY22 - Net sales increased by 6% to $518.8 million compared to $488.1 million in FY21[43, 44] - Foreign currency exchange rates unfavorably impacted net sales by approximately $11.6 million[44] - Net income decreased by 4% to $67.3 million compared to $70.2 million in FY21[43, 44] - EPS (Diluted) decreased by 4% to $4.90 compared to $5.09 in FY21[43, 44] - Gross margin decreased by 490 basis points to 49.1% compared to 54.0% in FY21[43, 44] Segment Performance - Q4 FY22 - Americas segment sales increased by 25%, making up 52% of global sales, with maintenance product sales up 30%[35, 36] - EMEA segment sales decreased by 3%, making up 34% of global sales, but increased by 10% in constant currency (GBP)[37, 38] - Asia-Pacific segment sales increased by 18%, making up 14% of global sales, with maintenance product sales up 24%[40, 41] Strategic Initiatives and Future Outlook - The company aims to grow WD-40 Multi-Use Product to approximately $525 million in net sales by 2025[12] - The company aims to grow WD-40 Specialist to approximately $125 million in net sales by 2025[13] - The company anticipates revenue target of $650 million – $700 million by 2025[14] - Fiscal Year 2023 Guidance: Net sales are expected to be between $545 million and $570 million, representing a growth of 5% to 10%[79]