By Micah Maidenberg
WD-40 Co. said its profit roughly doubled in its latest quarter as demand for some products used in renovation projects picked up amid the ongoing Covid-19 pandemic.
WD-40 on Thursday reported a profit of $23.6 million, or $1.72 a share, for its fiscal first quarter that ended Nov. 30, compared with earnings of $12.2 million, or 88 cents a share, for the year-earlier period.
Sales rose to $124.6 million for the quarter, from $98.6 million in the year-ago quarter.
Demand for maintenance items rose 28% year over year, the company said. That gain was driven primarily by higher sales of a multi-use product that buyers use for renovation developments tied to the pandemic, according to WD-40.
"We call this phenomenon 'isolation renovation,' and we are experiencing it in nearly all of our direct markets around the world," Chief Executive Garry Ridge said in a statement.
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