NEW YORK, June 25 (Reuters) - WD-40 Co. , a maker of household cleaners and lubricants, on Wednesday said its third-quarter profit rose, and said it was on track to meet its earnings forecast for the year, boosted by strong overseas sales.
The company also said Chairman Dan Derbes will retire from its board, and said it would appoint Neal Schmale as his replacement as non-executive chairman.
San Diego-based WD-40 reported net income for the period, ended May 31, of $5.8 million, or 35 cents per share. It earned 32 cents per share in the year-ago quarter.
Looking ahead, WD-40 said it maintained its forecast for the rest of the year. It targeted a profit for 2003 of between $1.60 and $1.65 per share.
Net sales in the third quarter increased 7 percent, to $55.1 million.