Business
Clarus Reports Preliminary Record Third Quarter 2021 Results and Raises Full-Year Outlook
- Sales in the Third Quarter of 2021 Expected to Increase 66%-67% Year-Over-Year to $107-$108 Million - - Raises Full-Year Outlook: Expects 2021 Sales and
About this update from Clarus Corporation
[{"type":"text","content":"- Sales in the Third Quarter of 2021 Expected to Increase 66%-67% Year-Over-Year to $107-$108 Million - - Raises Full-Year Outlook: Expects 2021 Sales and Adjusted EBITDA to Grow Approximately 62% and 155% Year-over-Year to $362.5 Million and $57 Million, Respectively - SALT LAKE CITY, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, is providing selected preliminary unaudited results for its third quarter ended September 30, 2021. Based on preliminary unaudited information, Clarus expects sales for the third quarter of 2021 to range between $107-$108 million, which is an anticipated 66%-67% year-over-year increase compared to $64.5 million in the third quarter of 2020. Black Diamond sales are expected to increase approximately 19% and Sierra sales are expected to increase approximately 100%, both compared to the third quarter of 2020. Rhino-Rack sales are expected to be around $19.5 million for the third quarter of 2021. The Company also expects adjusted EBITDA for the third quarter of 2021 to range between $18.5-$18.8 million, an estimated 103%-106% increase compared to $9.1 million in the third quarter of 2020. As of September 30, 2021, cash and cash equivalents are expected to be approximately $10.9 million and total debt is expected to be approximately $190 million (net debt of $179.1 million) with approximately $35 million of remaining access on the Company’s revolving line of credit. “We believe that our strong preliminary results reflect the continued resiliency of our ‘Super Fan’ brand strategy,” said Clarus President John Walbrecht. “During the quarter we saw momentum across our brands, including our newest Super Fan brand Rhino-Rack, an acquisition we closed on the first day of the third quarter. We are experiencing a smooth integration and remain excited by the opportunities to seek to develop incremental sales channels and partnerships while endeavoring to expand Rhino-Rack’s product offering through our ‘Innovate and Accelerate’ strategy. “We continue to believe that North America can become the largest geographical region for Rhino-Rack based on the favorable conversations we have had with our existing network of key distributors and dealers. After owning the business for the past few months...