WD-40 reports 161 percent increase in profit

WD-40 Co. on Wednesday reported second quarter net income of $10.7 million, an increase of 161.5 percent compared to the prior year’s quarter.

The San Diego-based company reported diluted earnings per share of 64 cents in the second quarter ended Feb. 28, compared to 25 cents per share for the same quarter last year.

Net sales totaled $80.6 million, an increase of 30.3 percent from the second quarter last year.

“While we are obviously pleased with our results so far this year and have seen improvements in our business activities and general economic conditions, we remain cautiously optimistic about the uncertain state of the global economy and what the remainder of fiscal 2010 holds for us,” said President and CEO Garry O. Ridge.

The company now expects fiscal year 2010 net sales of $308 million to $321 million and diluted earnings per share of $1.92 to $2.01.

The company markets three multi-purpose maintenance product brands - WD- 40, 3-In-One and Blue Works - and eight homecare and cleaning product brands, including X-14 mildew stain remover and automatic toilet bowl cleaners; 2000 Flushes automatic toilet bowl cleaners, Carpet Fresh and No Vac rug and room deodorizers, Spot Shot aerosol and liquid carpet stain removers, 1001 carpet and household cleaners and rug and room deodorizers, and Lava and Solvol heavy-duty hand cleaners.

WD-40 Co. markets its products in more than 160 countries worldwide and recorded sales of $292 million in fiscal year 2009.