NEWS: WD-40 Co. reported Thursday that its fiscal fourth-quarter net income fell 9 percent as higher expenses offset improved sales.
DETAILS: The consumer-products company said that sales of its multi-purpose maintenance products increased 16 percent. Its homecare and cleaning product sales fell 16 percent as part of its strategy to make the segment a smaller part of its business.
The company’s total revenue increased 10 percent, but its selling, general and administrative expenses were up 36 for the quarter due largely to the company achieving many of its own goals, which triggered bonuses. Its advertising and sales promotion costs also increased 10 percent.
NUMBERS: Net income fell to $8.1 million, or 53 cents per share, for the quarter that ended Aug. 31. That’s down from $9 million, or 56 cents per share, last year. Revenue increased to $93.5 million from $84.9 million.
FUTURE: WD-40 said that it expects earnings between $2.65 and $2.90 per share for its fiscal year 2014 on revenue between $383.3 million and $398 million.
STOCK: Shares of the San Diego-based company were unchanged in after-hours trading following the report. The rose 50 cents to close regular trading at $66.50.