WD-40 Company (NASDAQ:WDFC) stock rose 7.86% (As on Apr 8, 12:26:00 AM UTC-4, Source: Google Finance) after the company posted better than expected result for the second quarter of FY 22. Net income for the second quarter was $19.5 million, an increase of 13 percent compared to the prior year fiscal quarter. Gross margin was 50.4 percent in the second quarter compared to 55.4 percent in the prior year fiscal quarter. Year-to-date gross margin was 50.6 percent compared to 55.9 percent in the prior year fiscal period. Selling, general and administrative expenses decreased 2 percent in the second quarter to $34.8 million when compared to the prior year fiscal quarter. Year-to-date selling, general and administrative expenses increased 3 percent to $73.2 million compared to the prior year fiscal period. Advertising and sales promotion expenses were up 2 percent in the second quarter to $5.6 million when compared to the prior year fiscal quarter. Year-to-date advertising and sales promotion expenses were up 2 percent to $11.2 million compared to the prior year fiscal period. The company’s continuous improvement has resulted in significant improvements to the supply chain in the United States.

Moreover, the net sales by segment as a percent of total net sales for the second quarter were as follows: for the Americas, 42 percent; for EMEA, 42 percent; and for Asia-Pacific, 16 percent. Net sales in the Americas increased 18 percent in the second quarter due primarily to higher sales of maintenance products in the United States which increased 26 percent compared to the prior year fiscal quarter. The increase in sales was due primarily to greater product availability as a result of adjustments the Company made to its United States supply chain to increase the production capacity of its highest volume products. Net sales in Asia-Pacific increased 34 percent in the second quarter.

WDFC in the second quarter of FY 22 has reported the adjusted earnings per share of $1.41, beating the analysts’ estimates for the adjusted earnings per share of $1.02. The company had reported the adjusted revenue growth of 16 percent to $130 million in the second quarter of FY 22, beating the analysts’ estimates for revenue of $126.77 million.

WD-40 Co. sees FY2022 EPS to be in of $5.14-$5.27, versus the consensus of $5.26. WD-40 Co. sees FY2022 revenue to be in the range of $522-547 million, versus the consensus of $533.28 million.