WD-40 pany(US:WDFC)2020-10-20 22:28Financial Performance - Q4 FY20 - Net sales increased by 5% to $1116 million compared to $1067 million in Q4 FY19 [24] - Gross profit margin increased by 170 basis points to 563% from 546% in Q4 FY19 [25] - Net income increased significantly by 129% to $197 million compared to $86 million in Q4 FY19, primarily due to a reserve for an uncertain tax position recorded in Q4 FY19 in the amount of $87 million and increased net sales [27, 28] - Diluted EPS increased by 125% to $142 from $063 in Q4 FY19 [28] - Changes in foreign currency exchange rates decreased net sales by approximately $440 thousand [29, 35] Financial Performance - FY20 - Net sales decreased by 4% to $4085 million compared to $4234 million in FY19, primarily due to disruptions related to the COVID-19 pandemic [54] - Gross profit margin decreased by 30 basis points to 546% from 549% in FY19 [54] - Net income increased by 9% to $607 million compared to $559 million in FY19 [55] - Diluted EPS increased by 9% to $440 from $402 in FY19 [56] - Changes in foreign currency exchange rates decreased net sales by approximately $49 million [56, 60] Strategic Initiatives and Aspirations - The company aims to grow WD-40 Multi-Use Product net sales to approximately $530 million [10, 18] - The company aims to grow WD-40 Specialist net sales to approximately $100 million [11, 18] - The company aims to grow other products net sales to approximately $70 million [12, 18]