Wed, Jul 10, 8:20 PM (59 days ago)
WD-40 Company's Form 10-Q for the quarter ended May 31, 2024, reports a 9% increase in net sales to $155 million and a 5% rise in net income to $19.8 million compared to the same quarter last year. Gross profit margin improved to 53.1% from 50.6%, driven by a favorable sales mix and lower costs of specialty chemicals. Operating expenses rose 20% to $55.2 million due to higher employee-related costs and professional services fees. Cash flow from operations increased to $64.8 million, while cash and equivalents stood at $45.3 million. The company remains in compliance with its debt covenants and expects adequate liquidity to fund future operations.