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WD-40 Company (NASDAQ:WDFC), which develops and sells products for workshops, factories and homes, today reported financial results for its fourth quarter and fiscal year ended August 31, 2018.
Total net sales for the fourth quarter were $102.6 million, an increase of 6 percent compared to the prior year fiscal quarter. Net sales for the full fiscal year were $408.5 million, an increase of 7 percent compared to the prior fiscal year. Translation of the company's foreign subsidiary results to U.S. dollars had a favorable impact on sales for the current quarter and full fiscal year. On a constant currency basis total net sales would have been $102.2 million for the fourth quarter and $398.0 million for the full fiscal year.
"In the fourth fiscal quarter, net income and diluted earnings per share were positively impacted by a $7.1 million provisional tax adjustment we recorded during the quarter associated with the Tax Cuts and Jobs Act," said Jay Rembolt, WD-40 Company's Chief Financial Officer. "Because of this adjustment we substantially exceeded the guidance we issued in July of 2018 for both net income and diluted EPS. The exceptionally low tax rate we recorded this year is not expected to carry into fiscal year 2019."