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Diluted earnings per share (EPS) for the three months ended on May 31 increased to $1.38 from $1.07 in the corresponding period last year. Analysts polled by Bloomberg had expected the figure to move up to $1.22.
Net sales also improved by 15% to $141.7 million. Performance in America, a key region for the company known for its lubricant can, was particularly strong due to higher pricing for maintenance products that helped offset a slight decline in sales volumes.
WD-40 President and CEO Steve Brass also flagged that changing foreign currency exchange rates had a “significant negative impact” on the group’s quarterly results.
But the San Diego, California-based firm reiterated its guidance for its 2023 financial year, saying it expects to post net sales growth of between 3.5% to 7.5% and diluted EPS in the range of $4.80 to $5.00.
