Business
Clarus Reports Record First Quarter 2022 Results
– Sales in the First Quarter of 2022 Increased 50% Year-Over-Year to $113.3 Million – – Record Adjusted EBITDA of $19.7 million or 17.4% Adjusted EBITDA
About this update from Clarus Corporation
[{"type":"text","content":"– Sales in the First Quarter of 2022 Increased 50% Year-Over-Year to $113.3 Million – – Record Adjusted EBITDA of $19.7 million or 17.4% Adjusted EBITDA Margin – SALT LAKE CITY, May 09, 2022 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, reported financial results for the first quarter ended March 31, 2022. First Quarter 2022 Financial Summary vs. Same Year‐Ago Quarter Record sales of $113.3 million increased 50% and 6% on a proforma basis.Gross margin improved 320 basis points to 39.1%; adjusted gross margin increased 290 basis points to 39.3%.Net income was $5.3 million, or $0.13 per diluted share, compared to net income of $5.7 million, or $0.17 per diluted share.Adjusted net income before non‐cash items increased 44% to $14.8 million, or $0.37 per diluted share, compared to $10.2 million, or $0.31 per diluted share.Adjusted EBITDA increased significantly to a record $19.7 million with an adjusted EBITDA margin of 17.4%, compared to $10.6 million with an adjusted EBITDA margin of 14.1%. Management Commentary “The momentum from our record-setting year in 2021 certainly continued into the first quarter of 2022,” said Clarus President John Walbrecht. “Our Precision Sport segment continues to execute at a high level, growing sales by 41%, and in our Adventure segment, we are pleased to report early success in our ‘Innovate and Accelerate’ strategy. Rhino-Rack’s net sales in North America during the first quarter increased 42%, an early proof point of the substantial white space that we believe exists for our Adventure brands in this market. While we continue to experience a strong order book for Black Diamond, supply chain and logistic challenges impacted our ability to convert all Outdoor segment demand into revenue. “Looking to the remainder of the year, we believe our portfolio of ‘Super Fan’ brands has us well-positioned to continue our market momentum. Our brands have demonstrated strong resistance to recent economic headwinds, highlighting the durability of our entire portfolio of activity-based brands. We estimate some of the logistics challenges we experienced in the first quarter will subside in the back half of the year. This combination is expected to position us for another record-setting year in 2022.” Fir...