SAN DIEGO - WD-40 Company (NASDAQ:WDFC), known for its popular multi-use products, announced today the appointment of Eric P. Etchart as the new non-executive chairman of its board of directors. Etchart, who has been a member of the board since 2016, succeeds Gregory A. Sandfort, who retired following the company's 2024 Annual Meeting of Stockholders held earlier today. According to InvestingPro data, WD-40's stock has shown strong momentum with a 22.6% return over the past six months, though current analysis suggests the stock is trading above its Fair Value.
Etchart brings a wealth of international experience to his new role, having held management positions across various countries and a background in finance, marketing, and management. His prior tenure as a senior vice president at The Manitowoc Company (NYSE:MTW), Inc. and his recognition as an NACD Board Leadership Fellow with qualifications in Climate Leadership and ESG Leadership add to his credentials.
The company's president and CEO, Steve Brass, expressed confidence in Etchart's leadership abilities, particularly in the context of WD-40's strategic focus on global expansion. Brass looks forward to working closely with Etchart to leverage the identified growth opportunities worldwide.
The departure of Sandfort from the board marks the end of a 13-year tenure during which he played a crucial role in steering the company's corporate governance. Etchart, on behalf of the board, extended gratitude to Sandfort for his service and contributions.
WD-40 Company's board is now comprised of 10 directors. The company, headquartered in San Diego, California, reported net sales of $590.6 million in the fiscal year 2024 and distributes its products in over 176 countries and territories. Its brand portfolio includes not only the iconic WD-40® Multi-Use Product but also a variety of maintenance, homecare, and cleaning products. InvestingPro analysis reveals the company maintains strong financial health with a GOOD overall rating, boasting a 53.4% gross profit margin and an impressive 32-year track record of consecutive dividend payments. For deeper insights into WD-40's financial metrics and 12 additional ProTips, consider exploring the comprehensive Pro Research Report available on InvestingPro.
This leadership change is based on a press release statement from WD-40 Company.
In other recent news, WD-40 Company has announced a 7% increase in its quarterly dividend to $0.94 per share, marking its 9th consecutive year of dividend increases. The company has also scheduled an earnings conference call for the first quarter of 2025. These developments are accompanied by strong financial results, with WD-40 reporting an 11% year-over-year increase in fourth-quarter sales to $156 million and full-year sales of the WD-40 Multi-Use Product also rising by 11%, reaching $453 million.
In addition, DA Davidson has maintained a Buy rating for the company with a steady price target of $322. This comes after a meeting with WD-40's CEO and CFO, where the executives expressed confidence in their strategy to accelerate revenue growth, anticipating a year-over-year increase of 6%-11% in revenues for fiscal year 2025.
Furthermore, the company plans to divest its household cleaners business in the first half of fiscal 2025, which is expected to reduce annual sales by $23 million. Despite a 4% decrease in U.S. sales compared to the previous year, the company's strategy is credited with accelerating top-line growth. Lastly, WD-40 projects net sales growth of 6% to 11% for fiscal year 2025, targeting $600 million to $630 million in constant currency sales.
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