The manufacturer of maintenance and cleaning products, WD-40 Company, revealed a year-over-year net sales increase of 11%, with maintenance product sales increasing 13%.
Revenue and earnings surpassed analyst expectations, with the company noting growth driven by geographic expansion, e-commerce and promotional activity.
Still, while the company's gross margin improved slightly, its net income slid by 32% compared to the prior year fiscal quarter, an effect WD-40 blamed on a one-time tax-related adjustment.
Company leaders noted strong momentum, especially in maintenance products.
Steve Brass, President and CEO of WD-40 Company, pointed to growth goals in the second half of the year.
"In the United States, robust promotional activity is expected to drive high single‑digit to low double‑digit growth in the Americas this fiscal year. Alongside improving momentum in EIMEA and Asia‑Pacific, this performance is expected to help mitigate uncertainty related to any global economic and geopolitical conditions that may impact other areas of the business," said Brass.
