WD-40 Company Reports Fourth Quarter and Fiscal Year 2024 Financial Results
WD-40 Company (NASDAQ:WDFC) reported its fourth quarter and fiscal year 2024 financial results, showcasing significant growth. Fourth Quarter Highlights: Total net sales rose 11% to $156.0 million, maintenance product sales increased 12% to $147.5 million, and gross margin improved to 54.1%. However, selling, general, and administrative expenses surged 27% to $49.1 million. Net income saw a modest 1% increase to $16.8 million, with diluted earnings per share at $1.23.
Fiscal Year 2024 Highlights: Net sales climbed 10% to $590.6 million, with a gross margin of 53.4%. Net income increased 6% to $69.6 million, and diluted earnings per share reached $5.11. The company plans to divest its homecare and cleaning products portfolio to focus on higher-growth maintenance products.
Fiscal Year 2025 Guidance: WD-40 projects net sales growth between 6% and 11%, gross margin between 54% and 55%, and diluted earnings per share between $5.20 and $5.45.
La WD-40 Company (NASDAQ:WDFC) ha riportato i risultati finanziari del quarto trimestre e dell'anno fiscale 2024, evidenziando una crescita significativa. Principali risultati del quarto trimestre: Le vendite nette totali sono aumentate dell'11% a 156,0 milioni di dollari, le vendite dei prodotti per la manutenzione sono aumentate del 12% a 147,5 milioni di dollari e il margine lordo è migliorato al 54,1%. Tuttavia, le spese di vendita, generali e amministrative sono aumentate del 27% a 49,1 milioni di dollari. L'utile netto ha registrato un modesto aumento dell'1% a 16,8 milioni di dollari, con utili per azione diluiti pari a 1,23 dollari.
Principali risultati dell'anno fiscale 2024: Le vendite nette sono cresciute del 10% a 590,6 milioni di dollari, con un margine lordo del 53,4%. L'utile netto è aumentato del 6% a 69,6 milioni di dollari e gli utili per azione diluiti hanno raggiunto 5,11 dollari. L'azienda ha in programma di dismettere il suo portafoglio di prodotti per la cura della casa e di pulizia per concentrarsi sui prodotti per la manutenzione a più alta crescita.
Previsioni per l'anno fiscale 2025: La WD-40 prevede una crescita delle vendite nette tra il 6% e l'11%, un margine lordo tra il 54% e il 55% e utili per azione diluiti tra 5,20 dollari e 5,45 dollari.
La empresa WD-40 (NASDAQ:WDFC) ha reportado sus resultados financieros del cuarto trimestre y del año fiscal 2024, mostrando un crecimiento significativo. Aspectos destacados del cuarto trimestre: Las ventas netas totales aumentaron un 11% a 156,0 millones de dólares, las ventas de productos de mantenimiento crecieron un 12% a 147,5 millones de dólares y el margen bruto mejoró al 54,1%. Sin embargo, los gastos de venta, generales y administrativos se dispararon un 27% a 49,1 millones de dólares. El ingreso neto mostró un modesto incremento del 1% a 16,8 millones de dólares, con utilidades por acción diluida de 1,23 dólares.
Aspectos destacados del año fiscal 2024: Las ventas netas subieron un 10% a 590,6 millones de dólares, con un margen bruto del 53,4%. El ingreso neto aumentó un 6% a 69,6 millones de dólares, y las utilidades por acción diluida alcanzaron 5,11 dólares. La empresa planea deshacerse de su cartera de productos de cuidado del hogar y limpieza para enfocarse en productos de mantenimiento de mayor crecimiento.
Guía para el año fiscal 2025: WD-40 proyecta un crecimiento en ventas netas entre el 6% y el 11%, un margen bruto entre el 54% y el 55%, y utilidades por acción diluida entre 5,20 y 5,45 dólares.
WD-40 회사(NASDAQ:WDFC)는 2024 회계연도 4분기 및 재무 결과를 발표하며 значной 생장을 나타냈습니다. 4분기 하이라이트: 총 순매출이 11% 증가하여 1억 5600만 달러에 이를 것이며, 유지보수 제품 판매가 12% 증가해 1억 4750만 달러에 달하며, 총 이익률이 54.1%로 개선되었습니다. 그러나 판매, 일반 및 관리비용은 27% 급증하여 4910만 달러에 이릅니다. 순이익은 1% 소폭 증가하여 1680만 달러에 도달하였으며, 희석 주당 순이익은 1.23달러입니다.
2024 회계연도 하이라이트: 순매출이 10% 증가하여 5억 9060만 달러에 이를 것이며, 총 이익률은 53.4%입니다. 순이익은 6% 증가하여 6960만 달러에 도달하였으며, 희석 주당 순이익은 5.11 달러에 이릅니다. 회사는 가정용 및 청소 제품 포트폴리오를 매각하여 높은 성장 잠재력을 자랑하는 유지보수 제품에 집중할 계획입니다.
2025 회계연도 가이드라인: WD-40은 순매출 성장을 6%에서 11% 사이로 예상하며, 총 이익률은 54%에서 55% 사이일 것이라고 예상하며, 희석 주당 순이익은 5.20에서 5.45 사이일 것이라고 합니다.
La société WD-40 (NASDAQ:WDFC) a publié ses résultats financiers du quatrième trimestre et de l’exercice 2024, montrant une croissance significative. Points forts du quatrième trimestre : Le chiffre d’affaires net total a augmenté de 11 % pour atteindre 156,0 millions de dollars, les ventes de produits d’entretien ont augmenté de 12 % pour atteindre 147,5 millions de dollars et la marge brute s’est améliorée à 54,1 %. Cependant, les frais de vente, généraux et administratifs ont augmenté de 27 % pour atteindre 49,1 millions de dollars. Le bénéfice net a connu une légère augmentation de 1 % pour atteindre 16,8 millions de dollars, avec des bénéfices dilués par action de 1,23 dollar.
Points forts de l’exercice 2024 : Le chiffre d’affaires net a grimpé de 10 % pour atteindre 590,6 millions de dollars, avec une marge brute de 53,4 %. Le bénéfice net a augmenté de 6 % pour atteindre 69,6 millions de dollars, et les bénéfices dilués par action ont atteint 5,11 dollars. L'entreprise prévoit de vendre son portefeuille de produits ménagers et de nettoyage pour se concentrer sur les produits d’entretien à forte croissance.
Prévisions pour l’exercice 2025 : WD-40 prévoit une croissance du chiffre d’affaires net entre 6 % et 11 %, une marge brute entre 54 % et 55 %, et des bénéfices dilués par action entre 5,20 et 5,45 dollars.
Die WD-40 Company (NASDAQ:WDFC) hat ihre finanziellen Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 bekannt gegeben und ein signifikantes Wachstum aufgezeigt. Highlights des vierten Quartals: Der Gesamtumsatz stieg um 11% auf 156,0 Millionen Dollar, der Umsatz mit Instandhaltungsprodukten erhöhte sich um 12% auf 147,5 Millionen Dollar und die Bruttomarge verbesserte sich auf 54,1%. Die Verkaufs-, allgemeinen und Verwaltungskosten stiegen jedoch um 27% auf 49,1 Millionen Dollar. Der Nettogewinn verzeichnete einen moderaten Anstieg um 1% auf 16,8 Millionen Dollar, mit einem verwässerten Gewinn pro Aktie von 1,23 Dollar.
Highlights des Geschäftsjahres 2024: Der Nettoumsatz stieg um 10% auf 590,6 Millionen Dollar, mit einer Bruttomarge von 53,4%. Der Nettogewinn erhöhte sich um 6% auf 69,6 Millionen Dollar, und der verwässerte Gewinn pro Aktie betrug 5,11 Dollar. Das Unternehmen plant, sein Portfolio für Haushalts- und Reinigungsprodukte zu veräußern, um sich auf Produkte mit höherem Wachstum im Bereich der Instandhaltung zu konzentrieren.
Prognose für das Geschäftsjahr 2025: WD-40 prognostiziert ein Wachstum des Nettoumsatzes zwischen 6% und 11%, eine Bruttomarge zwischen 54% und 55% und einen verwässerten Gewinn pro Aktie zwischen 5,20 und 5,45 Dollar.
- Net sales increased by 11% in Q4 and 10% for the fiscal year.
- Gross margin improved to 54.1% in Q4 and 53.4% for the fiscal year.
- Net income rose by 6% to $69.6 million for the fiscal year.
- Diluted EPS increased to $5.11 for the fiscal year.
- Maintenance product sales grew 12% in Q4.
- Guidance for FY 2025 projects 6-11% net sales growth.
- Selling, general, and administrative expenses rose by 27% in Q4.
- Advertising and sales promotion expenses increased by 11% in Q4.
Insights
WD-40 Company's Q4 and FY2024 results demonstrate strong performance and strategic execution. Key highlights include:
- Q4 net sales up
11% to$156.0 million - FY2024 net sales up
10% to$590.6 million - Q4 gross margin improved to
54.1% from51.4% year-over-year - FY2024 diluted EPS of
$5.11 , up from$4.83 in FY2023
The company's focus on its core maintenance products, particularly WD-40 Multi-Use Product, is paying off with
WD-40's performance reflects strong market positioning and effective geographic expansion. The
The focus on digital commerce and innovation in core products like WD-40 Multi-Use Product and WD-40 Specialist is resonating well with consumers. The planned divestiture of homecare and cleaning products should allow for more concentrated resource allocation to higher-growth, higher-margin maintenance products.
The company's ability to maintain double-digit growth amidst global economic uncertainties demonstrates brand strength and effective market strategies. The projected
~ Global net sales grew 11 percent in the fourth quarter compared to the prior year fiscal quarter ~
~ Management issues fiscal year 2025 guidance ~
Fourth Quarter Highlights and Summary:
-
Total net sales were
, an increase of 11 percent compared to the prior year fiscal quarter.$156.0 million -
Excluding the impact of foreign currency exchange rates, net sales would have increased 11 percent to
compared to the prior year fiscal quarter.(1)$156.5 million -
Total maintenance product sales were
, an increase of 12 percent compared to the prior year fiscal quarter.$147.5 million - Gross margin was 54.1 percent compared to 51.4 percent in the prior year fiscal quarter.
-
Selling, general, and administrative expenses were
, up 27 percent compared to the prior year fiscal quarter.$49.1 million -
Advertising and sales promotion expenses were
, up 11 percent compared to the prior year fiscal quarter.$10.9 million -
Net income was
, an increase of 1 percent compared to the prior year fiscal quarter.$16.8 million - Foreign currency exchange rates did not have a significant effect on net income compared to the prior year fiscal quarter.
-
Diluted earnings per share were
compared to$1.23 in the prior year fiscal quarter.$1.21
Fiscal Year 2024 Highlights and Summary:
-
Total net sales were
, an increase of 10 percent compared to the prior fiscal year.$590.6 million -
Excluding the impact of foreign currency exchange rates, net sales would have increased 8 percent to
compared to the prior fiscal year.(1)$582.7 million - Gross margin was 53.4 percent compared to 51.0 percent in the prior fiscal year.
-
Selling, general, and administrative expenses were
, up 19 percent compared to the prior fiscal year.$183.9 million -
Advertising and sales promotion expenses were
, up 18 percent compared to the prior fiscal year.$33.9 million -
Net income was
, an increase of 6 percent compared to the prior fiscal year.$69.6 million -
Excluding the favorable impact of foreign currency exchange rates, net income would have increased 3 percent to
compared to the prior fiscal year.(1)$68.2 million -
Diluted earnings per share were
compared to$5.11 for the prior fiscal year.$4.83
"Fiscal year 2024 was exceptionally strong for WD-40 Company," said Steve Brass, president and chief executive officer. "We delivered double-digit revenue growth, with all of our trading blocs performing within or above their target ranges. WD-40 Multi-Use Product, the core of our business, grew revenue 11 percent year over year, and we saw a significant year over year margin recovery of 240 basis points. Our performance demonstrates the strength of our brand and the effectiveness of our strategy.
"Our Four-by-Four Strategic Framework is working. We're turning up the heat on our Must-Win Battles, from geographic expansion to digital commerce. The success we've seen in
"We've also recently introduced our new mantra, 'few things, many places, bigger impact.' This focused approach is already driving efficiencies and better returns on our investments globally, in areas such as product innovation and systems implementation. It's helping us leverage our global presence to drive faster growth and operational excellence. Throughout this growth journey, our strategy remains simple: make our products available in more places and put more cans in the hands of our target end users around the world.
“Looking ahead to fiscal year 2025, we’re well positioned to continue our growth trajectory. Our focus remains on executing our strategy, expanding in high-potential markets across the globe, and driving operational efficiencies. With our strong brand, clear strategy, and engaged workforce, we are confident in our ability to continue delivering long-term value to our stockholders,” concluded Brass.
Net Sales by Segment (in thousands):
Three Months Ended August 31, |
Fiscal Year Ended August 31, |
||||||||||||||||||||||
|
|
2024 |
|
2023 |
Dollars |
Change |
|
2024 |
|
2023 |
Dollars |
Change |
|||||||||||
|
$ |
79,198 |
$ |
74,738 |
$ |
4,460 |
6 |
% |
$ |
281,883 |
$ |
266,772 |
$ |
15,111 |
6 |
% |
|||||||
EIMEA (3) |
|
58,579 |
|
50,713 |
|
7,866 |
16 |
% |
|
221,045 |
|
190,818 |
|
30,227 |
16 |
% |
|||||||
|
|
18,214 |
|
15,001 |
|
3,213 |
21 |
% |
|
87,629 |
|
79,665 |
|
7,964 |
10 |
% |
|||||||
Total |
$ |
155,991 |
$ |
140,452 |
$ |
15,539 |
11 |
% |
$ |
590,557 |
$ |
537,255 |
$ |
53,302 |
10 |
% |
Fourth Quarter Highlights by Segment:
-
The
Americas segment represented 51 percent of total net sales in the fourth quarter. -
Net sales in the
Americas increased or 6 percent in the fourth quarter compared to the prior year fiscal quarter. The increase was due primarily to an increase in net sales of WD-40® Multi-Use Product of$4.5 million or 7 percent compared to the prior year fiscal quarter. WD-40® Multi-Use Product sales increased most significantly in$4.2 million Latin America , which were up , and were partially offset by lower sales in$5.9 million the United States of .$1.7 million -
Net sales of WD-40 Specialist® increased
or 6 percent in the fourth quarter due primarily to strong sales in$0.6 million Latin America andCanada .
EIMEA
- The EIMEA segment represented 37 percent of total net sales in the fourth quarter.
-
Net sales in EIMEA increased
or 16 percent in the fourth quarter compared to the prior year fiscal quarter. The increase was due primarily to an increase in net sales of WD-40® Multi-Use Product of$7.9 million or 16 percent. WD-40® Multi-Use Product sales increased most significantly in the EIMEA distributor markets which were up$6.2 million . WD-40® Multi-Use Product sales also increased in$4.8 million France and the DACH(5) region, which were up and$1.0 million , respectively.$0.6 million -
Net sales of WD-40 Specialist® increased
or 13 percent due primarily to the combined impact of higher sales volume and the favorable impact of price increases across the regions.$0.9 million -
Translation of the Company’s foreign subsidiaries’ results from their functional currencies to
U.S. dollars had a favorable impact on sales in EIMEA for the current quarter. On a non-GAAP constant currency basis, net sales in EIMEA would have been for the fourth quarter.(1)$58.1 million
-
The
Asia-Pacific segment represented 12 percent of total net sales in the fourth quarter. -
Net sales in
Asia-Pacific increased or 21 percent in the fourth quarter compared to the prior year fiscal quarter. This increase was due primarily to an increase in sales of WD-40® Multi-Use Product of$3.2 million or 26 percent. WD-40® Multi-Use Product sales increased most significantly in the$2.9 million Asia distributor markets, which were up due to successful brand building programs in certain regions and the timing of customer orders.$2.9 million -
Net sales of WD-40 Specialist® increased
or 24 percent due primarily to successful brand building in certain regions and the timing of customer orders.$0.4 million -
Translation of the Company’s foreign subsidiaries’ results from their functional currencies to
U.S. dollars did not have a significant impact on sales inAsia-Pacific for the current quarter.
Net Sales by Product Group (in thousands):
|
|
Three Months Ended August 31, |
|
Fiscal Year Ended August 31, |
|||||||||||||||||||||
|
|
2024 |
|
2023 |
Dollars |
Change |
|
2024 |
|
2023 |
Dollars |
Change |
|||||||||||||
WD-40 Multi-Use Product |
|
118,961 |
$ |
105,672 |
$ |
13,289 |
|
13 |
% |
$ |
452,925 |
$ |
407,672 |
$ |
45,253 |
|
11 |
% |
|||||||
WD-40 Specialist |
|
20,055 |
|
18,148 |
|
1,907 |
|
11 |
% |
|
73,938 |
|
66,714 |
|
7,224 |
|
11 |
% |
|||||||
Other maintenance products (6) |
|
8,474 |
|
7,997 |
|
477 |
|
6 |
% |
|
31,173 |
|
29,172 |
|
2,001 |
|
7 |
% |
|||||||
Total maintenance products |
|
147,490 |
|
131,817 |
|
15,673 |
|
12 |
% |
|
558,036 |
|
503,558 |
|
54,478 |
|
11 |
% |
|||||||
HCCP (7) |
|
8,501 |
|
8,635 |
|
(134 |
) |
(2 |
)% |
|
32,521 |
|
33,697 |
|
(1,176 |
) |
(3 |
)% |
|||||||
Total |
$ |
155,991 |
$ |
140,452 |
$ |
15,539 |
|
11 |
% |
$ |
590,557 |
$ |
537,255 |
$ |
53,302 |
|
10 |
% |
-
Net sales of maintenance products increased 13 percent in the fourth quarter when compared to the prior year fiscal quarter primarily due to increased sales of WD-40® Multi-Use Product in EIMEA,
Latin America , and theAsia distributor markets from period to period. Maintenance products are considered the primary strategic focus for the Company. -
Net sales of homecare and cleaning products decreased 2 percent in the fourth quarter compared to the prior year fiscal quarter. The homecare and cleaning products, particularly those in the
Americas , are considered harvest brands providing consistent profit returns to the Company and are becoming a smaller part of the business as net sales of maintenance products grow in alignment with the Company’s Four-by-Four Strategic Framework. The Company has previously disclosed its intent to actively pursue the sale of its homecare and cleaning product portfolios in theAmericas and theUnited Kingdom .
Dividend and Share Repurchase Update
-
On October 4, 2024, the Company’s board of directors declared a regular quarterly dividend of
per share payable on October 31, 2024 to stockholders of record at the close of business on October 18, 2024.$0.88 -
On June 19, 2023, the Company’s board approved a share repurchase plan that became effective on September 1, 2023. Under the plan, the Company is authorized to acquire up to
of its outstanding shares through August 31, 2025.$50.0 million -
During fiscal year 2024, the Company repurchased 34,250 shares at a total cost of
under this$8.1 million plan.$50.0 million - The timing and amount of repurchases under the plan are based on terms and conditions as may be acceptable to the Company’s chief executive officer and chief financial officer, subject to present loan covenants, and in compliance with all laws and regulations applicable thereto.
Fiscal Year 2025 Guidance
The Company is providing the following fiscal year guidance on a pro forma basis, excluding the full fiscal year financial impact of the homecare and cleaning product portfolios the Company expects to divest in fiscal year 2025:
-
Net sales growth from the 2024 pro forma results is projected to be between 6 and 11 percent with net sales expected to be between
and$600 million on a non-GAAP constant currency basis.$630 million - Gross margin for the full year is expected to be between 54 and 55 percent.
- Advertising and promotion investments are projected to be around 6 percent of net sales.
-
Operating income is projected to be between
and$95 million . This range reflects anticipated growth of between 6 to 12 percent compared to 2024 pro forma results.$100 million - The provision for income tax is expected to be around 24 percent.
-
Diluted earnings per share is expected to be between
and$5.20 based on an estimated 13.5 million weighted average shares outstanding. This range reflects anticipated growth of between 9 to 14 percent compared to 2024 pro forma results.$5.45
“Our fiscal year 2024 performance demonstrates the power of the WD-40 Company business model, with strong performance across all trading blocs and the successful implementation of several strategic initiatives,” said Sara Hyzer, WD-40 Company's vice president, finance and chief financial officer. “Our gross margin has improved substantially, exceeding our guidance range and moving us closer to our 55 percent target. This improvement was primarily driven by favorable sales mix, lower input costs, and enhanced operational efficiencies across our global supply chain.
“Consistent with our increased focus, we continue to make progress on the divestiture of our
This guidance is expressed in good faith and is based on management’s current view of anticipated results on a pro forma basis. Unanticipated inflationary headwinds and other unforeseen events may further affect the Company’s financial results. Net sales guidance presented on a non-GAAP constant currency basis use weighted average fiscal year 2024 foreign currency exchange rates. In the event the Company is unsuccessful in the divestiture of its homecare and cleaning products in the
Webcast Information
As previously announced, WD-40 Company management will host a live webcast at approximately 2:00 p.m. PDT today to discuss these results. Other forward-looking and material information may also be discussed during this call. Please visit http://investor.wd40company.com for more information and to view supporting materials.
About WD-40 Company
WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories, and homes around the world. The Company owns a wide range of well-known brands that include maintenance products and homecare and cleaning products: WD-40® Multi-Use Product, WD-40 Specialist®, 3-IN-ONE®, GT85®, 2000 Flushes®, no vac®, 1001®, Spot Shot®, Lava®, Solvol®, X-14®, and Carpet Fresh®.
Headquartered in
Forward-Looking Statements
Except for the historical information contained herein, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect the Company’s current expectations with respect to currently available operating, financial and economic information. These forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements. These forward-looking statements are generally identified with words such as “believe,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “aim,” “anticipate,” “target,” “estimate” and similar expressions.
Our forward-looking statements include, but are not limited to, discussions about future financial and operating results; expected benefits from the acquisition or divestiture transaction; acquired business not performing as expected; assuming unexpected risks, liabilities and obligations of the acquired business; disruption to the parties’ business as a result of the announcement and acquisition or divestiture transaction; integration of acquired business and operations into the company; the Company's ability to successfully complete any planned divestiture; expected timing of the closing for the divestiture; expected proceeds from the divestiture; the intended use of proceeds by the Company from the divestiture transaction; impact of the divestiture transaction on the Company's stock price or EPS; growth expectations for maintenance products; expected levels of promotional and advertising spending; anticipated input costs for manufacturing and the costs associated with distribution of our products; plans for and success of product innovation; the impact of new product introductions on the growth of sales; anticipated results from product line extension sales; expected tax rates and the impact of tax legislation and regulatory action; changes in the political conditions or relations between
The Company’s expectations, beliefs and forecasts are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that the Company’s expectations, beliefs or forecasts will be achieved or accomplished. All forward-looking statements reflect the Company’s expectations as of October 17, 2024. We undertake no obligation to revise or update any forward-looking statements.
Actual events or results may differ materially from those projected in forward-looking statements due to various factors, including, but not limited to, those identified in Part I—Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2023 which the Company filed with the SEC on October 23, 2023, and in Part I—Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2024, which the Company expects to file with the SEC on October 21, 2024.
Table Notes and General Definitions
(1) |
In order to show the impact of changes in foreign currency exchange rates on our results of operations, we have included constant currency disclosures, where necessary, in this press release. Constant currency disclosures represent the translation of our current fiscal year revenues, expenses and net income from the functional currencies of our subsidiaries to |
(2) |
The |
(3) |
The EIMEA segment consists of countries in |
(4) |
The |
(5) |
The DACH region is comprised of the countries of |
(6) |
The Company markets its other maintenance products under the GT85® and 3-IN-ONE® brand names. |
(7) |
The Company markets its homecare and cleaning products (“HCCP”) under the X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, 1001®, Lava®, and Solvol® brand names. |
WD-40 COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share and per share amounts) |
||||||
|
August 31, 2024 |
August 31, 2023 |
||||
Assets |
|
|
||||
Current assets: |
|
|
||||
Cash and cash equivalents |
$ |
46,699 |
$ |
48,143 |
||
Trade and other accounts receivable, net |
|
117,493 |
|
98,039 |
||
Inventories |
|
79,088 |
|
86,522 |
||
Other current assets |
|
12,161 |
|
15,821 |
||
Total current assets |
|
255,441 |
|
248,525 |
||
Property and equipment, net |
|
62,983 |
|
66,791 |
||
Goodwill |
|
96,985 |
|
95,505 |
||
Other intangible assets, net |
|
6,222 |
|
4,670 |
||
Right-of-use assets |
|
11,611 |
|
7,820 |
||
Deferred tax assets, net |
|
993 |
|
1,201 |
||
Other assets |
|
14,804 |
|
13,454 |
||
Total assets |
$ |
449,039 |
$ |
437,966 |
Liabilities and Stockholders’ Equity |
||||||
Current liabilities: |
||||||
Accounts payable |
$ |
35,960 |
$ |
30,826 |
||
Accrued liabilities |
|
31,272 |
|
30,000 |
||
Accrued payroll and related expenses |
|
26,055 |
|
16,722 |
||
Short-term borrowings |
|
8,659 |
|
10,800 |
||
Income taxes payable |
|
1,554 |
|
494 |
||
Total current liabilities |
|
103,500 |
|
88,842 |
||
Long-term borrowings |
|
85,977 |
|
109,743 |
||
Deferred tax liabilities, net |
|
9,066 |
|
10,305 |
||
Long-term operating lease liabilities |
|
5,904 |
|
5,832 |
||
Other long-term liabilities |
|
14,066 |
|
13,066 |
||
Total liabilities |
|
218,513 |
|
227,788 |
Commitments and Contingencies |
||||||
Stockholders’ equity: |
||||||
Common stock — authorized 36,000,000 shares, |
|
20 |
|
|
20 |
|
Additional paid-in capital |
|
175,642 |
|
|
171,546 |
|
Retained earnings |
|
499,931 |
|
|
477,488 |
|
Accumulated other comprehensive income (loss) |
|
(29,268 |
) |
|
(31,206 |
) |
Common stock held in treasury, at cost — 6,376,631 and 6,342,381 shares at August 31, 2024 and 2023, respectively |
|
(415,799 |
) |
|
(407,670 |
) |
Total stockholders’ equity |
|
230,526 |
|
|
210,178 |
|
Total liabilities and stockholders’ equity |
$ |
449,039 |
|
$ |
437,966 |
|
WD-40 COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended August 31, |
|
|
Fiscal Year Ended August 31, |
|||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
|
|
||||||||||||
Net sales |
$ |
155,991 |
|
$ |
140,452 |
|
$ |
590,557 |
|
$ |
537,255 |
|
|||
Cost of products sold |
|
71,646 |
|
|
68,327 |
|
|
275,330 |
|
|
263,035 |
|
|||
Gross profit |
|
84,345 |
|
|
72,125 |
|
|
315,227 |
|
|
274,220 |
|
|||
|
|
|
|
|
|||||||||||
Operating expenses: |
|
|
|
|
|||||||||||
Selling, general and administrative |
|
49,137 |
|
|
38,815 |
|
|
183,859 |
|
|
154,684 |
|
|||
Advertising and sales promotion |
|
10,858 |
|
|
9,823 |
|
|
33,911 |
|
|
28,807 |
|
|||
Amortization of definite-lived intangible assets |
|
300 |
|
|
252 |
|
|
1,106 |
|
|
1,005 |
|
|||
Total operating expenses |
|
60,295 |
|
|
48,890 |
|
|
218,876 |
|
|
184,496 |
|
|||
|
|
|
|
|
|||||||||||
Income from operations |
|
24,050 |
|
|
23,235 |
|
|
96,351 |
|
|
89,724 |
|
|||
|
|
|
|
|
|||||||||||
Other income (expense): |
|
|
|
|
|||||||||||
Interest income |
|
198 |
|
|
67 |
|
|
474 |
|
|
231 |
|
|||
Interest expense |
|
(951 |
) |
|
(1,346 |
) |
|
(4,287 |
) |
|
(5,614 |
) |
|||
Other (expense) income, net |
|
(514 |
) |
|
264 |
|
|
(1,030 |
) |
|
822 |
|
|||
Income before income taxes |
|
22,783 |
|
|
22,220 |
|
|
91,508 |
|
|
85,163 |
|
|||
Provision for income taxes |
|
5,999 |
|
|
5,645 |
|
|
21,864 |
|
|
19,170 |
|
|||
Net income |
$ |
16,784 |
|
$ |
16,575 |
|
$ |
69,644 |
|
$ |
65,993 |
|
|||
|
|
|
|
|
|||||||||||
Earnings per common share: |
|
|
|
|
|||||||||||
Basic |
$ |
1.23 |
|
$ |
1.22 |
|
$ |
5.12 |
|
$ |
4.84 |
|
|||
Diluted |
$ |
1.23 |
|
$ |
1.21 |
|
$ |
5.11 |
|
$ |
4.83 |
|
|||
Shares used in per share calculations: |
|||||||||||||||
Basic |
|
13,548 |
|
|
13,567 |
|
|
13,554 |
|
|
13,578 |
|
|||
Diluted |
|
13,577 |
|
|
13,597 |
|
|
13,580 |
|
|
13,604 |
|
WD-40 COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in thousands) |
|||||||
|
Fiscal Year Ended August 31, |
||||||
|
|
2024 |
|
|
2023 |
|
|
Operating activities: |
|
|
|||||
Net income |
$ |
69,644 |
|
$ |
65,993 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|||||
Depreciation and amortization |
|
9,456 |
|
|
8,151 |
|
|
Net gains on sales and disposals of property and equipment |
|
(241 |
) |
|
(90 |
) |
|
Deferred income taxes |
|
(1,156 |
) |
|
(1,254 |
) |
|
Stock-based compensation |
|
6,535 |
|
|
6,434 |
|
|
Amortization of cloud computing implementation costs |
|
1,221 |
|
|
270 |
|
|
Unrealized foreign currency exchange losses (gains), net |
|
200 |
|
|
(1,702 |
) |
|
Provision for credit losses |
|
325 |
|
|
391 |
|
|
Write-off of inventories |
|
1,425 |
|
|
713 |
|
|
Changes in assets and liabilities: |
|
|
|||||
Trade and other accounts receivable |
|
(15,498 |
) |
|
(5,339 |
) |
|
Inventories |
|
6,414 |
|
|
19,367 |
|
|
Other assets |
|
(1,444 |
) |
|
(1,637 |
) |
|
Operating lease assets and liabilities, net |
|
(35 |
) |
|
49 |
|
|
Accounts payable and accrued liabilities |
|
4,322 |
|
|
(213 |
) |
|
Accrued payroll and related expenses |
|
8,879 |
|
|
4,965 |
|
|
Other long-term liabilities and income taxes payable |
|
1,987 |
|
|
2,293 |
|
|
Net cash provided by operating activities |
|
92,034 |
|
|
98,391 |
|
|
|
|
|
|||||
Investing activities: |
|
|
|||||
Purchases of property and equipment |
|
(4,206 |
) |
|
(6,871 |
) |
|
Proceeds from sales of property and equipment |
|
672 |
|
|
655 |
|
|
Acquisition of business, net of cash acquired |
|
(6,201 |
) |
|
— |
|
|
Net cash used in investing activities |
|
(9,735 |
) |
|
(6,216 |
) |
|
|
|
|
|||||
Financing activities: |
|
|
|||||
Treasury stock purchases |
|
(8,094 |
) |
|
(10,434 |
) |
|
Dividends paid |
|
(47,201 |
) |
|
(44,581 |
) |
|
Repayments of long-term senior notes |
|
(800 |
) |
|
(800 |
) |
|
Net repayments from revolving credit facility |
|
(25,402 |
) |
|
(28,372 |
) |
|
Shares withheld to cover taxes upon conversion of equity awards |
|
(2,439 |
) |
|
(861 |
) |
|
Net cash used in financing activities |
|
(83,936 |
) |
|
(85,048 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
193 |
|
|
3,173 |
|
|
Net (decrease) increase in cash and cash equivalents |
|
(1,444 |
) |
|
10,300 |
|
|
Cash and cash equivalents at beginning of period |
|
48,143 |
|
|
37,843 |
|
|
Cash and cash equivalents at end of period |
$ |
46,699 |
|
$ |
48,143 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241017153023/en/
Media and Investor Contact:
Wendy Kelley
Vice President, Stakeholder and Investor Engagement
investorrelations@wd40.com
+1-619-275-9304
Source: WD-40 Company
FAQ
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