Business
Clarus Reports Record Second Quarter 2022 Results
– Sales in the Second Quarter of 2022 Increased 57% Year-Over-Year to $114.9 Million – – Adjusted EBITDA of $17.6 Million or 15.3% Adjusted EBITDA Margin – –
About this update from Clarus Corporation
[{"type":"text","content":"– Sales in the Second Quarter of 2022 Increased 57% Year-Over-Year to $114.9 Million – – Adjusted EBITDA of $17.6 Million or 15.3% Adjusted EBITDA Margin – – Approves a New $50.0 Million Stock Repurchase Program – SALT LAKE CITY, Aug. 01, 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 second quarter ended June 30, 2022. Second Quarter 2022 Financial Summary vs. Same Year‐Ago Quarter Record sales of $114.9 million increased 57% and 16% on a proforma basis.Gross margin was 38.0% compared to 38.2%.Net income increased 105% to $3.8 million, or $0.09 per diluted share, compared to net income of $1.8 million, or $0.06 per diluted share.Adjusted net income before non‐cash items increased 92% to $13.1 million, or $0.33 per diluted share, compared to $6.8 million, or $0.20 per diluted share.Adjusted EBITDA increased 51% to a record $17.6 million with an adjusted EBITDA margin of 15.3% compared to $11.7 million with an adjusted EBITDA margin of 15.9%. Management Commentary “Clarus’ ‘Super Fan’ brands continued to perform at a high level in the second quarter,” said Clarus President John Walbrecht. “Our Precision Sport segment delivered another record quarter as our brands’ premium positioning and product innovations have paved the way for continued market share gains. Demand trends in our Outdoor segment remained strong, led by key Black Diamond categories of apparel, headlamps, trekking poles, and core climbing equipment. Within our Adventure segment, Rhino-Rack continued to experience sales momentum in North America, a market we believe is 10-times the size of its home markets of Australia and New Zealand. “Somewhat offsetting this broad-based demand, we continued to experience supply chain and logistics challenges in our Outdoor segment, hampering our ability to convert all Black Diamond demand into sales. Delayed deliveries of new vehicles also impacted our ability to maximize sales in our Adventure segment, and we continued to chase component parts in our Precision Sport segment amidst steady demand. “Overall, our Super Fan brand consumer was resilient despite numerous headwinds in the first half of the year. This resiliency is a key attribute of our activity-based consumer. When com...