LONDON, UK / ACCESSWIRE / July 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on WD-40 Co. (NASDAQ: WDFC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=WDFC, following the Company's disclosure of its financial results for the third quarter fiscal 2017 (Q3 FY17) on July 10, 2017. The San Diego, California-based Company reported a 2% y-o-y growth in its net sales, while its diluted EPS increased on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

During the three months ended on May 31, 2017, WD-40 reported net sales of $98.18 million, compared to $96.45 million recorded at the end of Q3 FY16. Net sales numbers from Maintenance products' segment had increased by 3% y-o-y in Q3 FY17 to $88.93 million. However, Homecare and cleaning products segment's net sales were down by 6% to $9.25 million in Q3 FY17 from $9.89 million in Q3 FY16.

The global marketing Company reported net income of $14.44 million, or $1.02 per diluted share, in Q3 FY17 compared to $12.67 million, or $0.88 per diluted share, in the prior year's same quarter. Meanwhile, Wall Street had expected the Company to report net income of $0.90 per diluted share.

Operating Metrics

In the reported quarter, WD-40's cost of products sold came in at $43.89 million versus $41.64 million in the previous year's same quarter. The Company's gross profit during Q3 FY17 was $54.29 million, or 55.3% of net sales, compared to $54.81 million, or 56.8% of net sales, in the year-ago comparable period. Expenses on selling, general, and administration was down to $27.56 million in Q3 FY17 from $29.22 million in Q3 FY16. Furthermore, the Company income from operations came in at $20.61 million during Q3 FY17 compared to $18.67 million in Q3 FY16.

Geographic Segment

The Company's Americas sales were down by 2% to $49.05 million in Q3 FY17 from $49.88 million in Q3 FY16. The Company attributed the decline in quarterly net sales to lower sales of maintenance products in the US, which declined 3% from period to period.

EMEA region net sales for the reported quarter were $34.39 million in Q3 FY17 compared to $32.92 million in the previous year's comparable quarter. The segment's 4% growth in quarterly net sales was primarily due to higher sales of WD-40 Multi-Use Product in Eastern Europe, particularly in Russia.

For Q3 FY17, net sales in the Asia/Pacific region stood at $14.75 million up 8% y-o-y from $13.65 million in Q3 FY16. The region's sales growth in Q3 FY17 was primarily due to a 12% increase in sales in the Asia/Pacific distributor markets and a 6% increase in sales in China

Cash Flow & Balance

During the nine-months ended May 31, 2017, WD-40's net cash flow provided by operating activities was $31.72 million compared to $44.16 million in the year-ago same quarter. At the close of books on May 31, 2017, WD-40 had cash and cash equivalents balance of $32.21 million versus $50.89 million at the close of books on August 31, 2016. Additionally, the Company's revolving credit facility increased to $134.00 million as on May 31, 2017, from $122.00 million as on August 31, 2016.

Dividend and Share Repurchase

In a separate press release on June 20, 2017, WD-40's Board of Directors announced a quarterly dividend of $0.49 per share, payable on July 31, 2017, to stockholders of record at the close of business on July 21, 2017.

On June 21, 2016, the Company's Board of Directors had approved a share buy-back plan with effect from September 01, 2016. The Company has bought back 244,973 shares at a total cost of $26.2 million under this $75.0 million from the period from September 01, 2016, through May 31, 2017.

Earnings Guidance

The Company updated its guidance for full year FY17. WD-40 expects net sales to be flat to up by 2% and to be between $382 million and $388 million. Gross margin for FY17 is expected to be above 56%. Net income during FY17 is projected to be between $51.3 million and $52.3 million, while diluted EPS is expected to be between $3.64 and $3.71.

Stock Performance

At the closing bell, on Thursday, July 13, 2017, WD-40's stock slightly slipped 0.52%, ending the trading session at $106.00. A total volume of 108.18 thousand shares has exchanged hands, which was higher than the 3-month average volume of 64.66 thousand shares. The Company's stock price advanced 2.27% in the last three months and 2.71% in the past six months. The stock is trading at a PE ratio of 29.80 and has a dividend yield of 1.85%. The stock currently has a market cap of $1.51 billion.

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