The US manufacturer of WD-40 oils and lubricants has released its fourth quarter results for 2023.
The company's revenue grew 7.7% year-on-year with a gross margin of 51.4%.
Sales in the U.S. market for fiscal year 2023 increased 11% year-over-year to $266.8 million. USD 6.6 BILLION.
Sales in Europe, Africa and Middle East for fiscal year 2023 decreased 7% year-on-year to $190.8 million. USD 1.6 BILLION.
Revenue in Asia Pacific for fiscal year 2023 increased 8% year-on-year to USD 79.7 million. USD 7.7 BILLION.
For fiscal 2024, the company is looking for earnings per share in the range of 4.78 to 5.15. Analysts were expecting $5.30 (Consensus compiled from two analyst estimates). The company expects revenue in the range of $570 million to $600 million. USD 600 TO 600 USD. Analysts were expecting 563.5 (Consensus constructed from two analyst estimates). The company forecasts gross margin in the range of 51% to 53%. Analysts were expecting 52.2% (Consensus compiled from two analyst estimates).
Word from the CEO
CEO Steve Brass said, "Fiscal 2023 was a big milestone for us as the WD-40 brand celebrates 70 years. Over the years, we have continued to innovate and evolve our solutions, which are renowned for their quality, value and performance."