Business
Clarus Reports Third Quarter 2020 Results, Sales Up 7%
- Sales in the Fourth Quarter of 2020 Expected to Range Between $67.5 Million and $69.0 Million, up 11% to 13% Versus Fourth Quarter of 2019 SALT LAKE CITY,
About this update from Clarus Corporation
[{"type":"text","content":"- Sales in the Fourth Quarter of 2020 Expected to Range Between $67.5 Million and $69.0 Million, up 11% to 13% Versus Fourth Quarter of 2019\n SALT LAKE CITY, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a company focused on the outdoor and consumer industries, reported financial results for the third quarter ended September 30, 2020. Third Quarter 2020 Financial Summary vs. Same Year‐Ago Quarter Sales increased 7% to $64.5 million.Gross margin was 33.6% compared to 34.1%.Net income was $1.2 million, or $0.04 per diluted share, compared to $3.5 million, or $0.11 per diluted share.Adjusted net income before non‐cash items was $9.2 million, or $0.30 per diluted share, compared to $6.0 million, or $0.19 per diluted share.Adjusted EBITDA increased 34% to $9.1 million.Free cash flow (net cash provided by operating activities less capital expenditures) improved significantly to $5.0 million compared to $(4.9) million. Management Commentary “As indicated in our pre-announcement, our third quarter results showed the strength of our well-diversified brand portfolio,” said Clarus President John Walbrecht. “Black Diamond sales continued to improve and ended the third quarter down only 8% year-over-year, and sales for Sierra increased 135% to a record $15.1 million. These results were supported by our well-defined strategy of preserving brand equity while continuing to execute on our ‘innovate & accelerate’ playbook across our portfolio of brands. “Subsequent to the third quarter, we welcomed Barnes Bullets—our newest ‘super fan’ brand—to our platform. Barnes embodies the traits we seek in an acquisition, including a rich history of innovation and strong brand awareness amongst the core, yet untapped market potential. Leveraging our balance sheet, we expect to execute the same playbook to drive accelerated growth and market share expansion with Barnes that we’ve done with both Black Diamond and Sierra. We look forward to ending 2020 on a strong note and continuing our momentum into 2021.” Third Quarter 2020 Financial Results Sales in the third quarter increased 7% to $64.5 million compared to $60.2 million in the same year‐ago quarter. Black Diamond sales were down 8% and Sierra sales were up 135%. The decrease in Black Diamond was primarily due to lower levels of retail demand due to ...