Business
Lakeland Industries, Inc. Reports Fiscal 2024 Second Quarter Financial Results
Net sales of $33.1 million, up 17.3% year-over-year, and gross margin of 42.9%Continued strength in high-value, strategic product lines, led by 202% increase
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Net sales of $33.1 million, up 17.3% year-over-year, and gross margin of 42.9%Continued strength in high-value, strategic product lines, led by 202% increase in fire serviceHUNTSVILLE, AL / ACCESSWIRE / September 6, 2023 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, today announced financial results for its fiscal 2024 second quarter ended July 31, 2023.Fiscal 2024 Second Quarter Financial Results HighlightsNet sales increased 17.3% to $33.1 million compared to $28.2 million last yearGross margin was 42.9% compared to 41.3% last yearNet income was $2.5 million, or $0.33 per basic and $0.32 per diluted share, compared to net loss of $(0.9) million, or $(0.11) per basic and diluted share, last yearAdjusted EBITDA* was $4.2 million, bolstered by Eagle Technical Products and strong organic growth, compared to $2.5 million last year with a margin* of 12.6% compared to 9.0% last year*Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Reconciliations are provided in the tables of this press release.Management Comments\"Lakeland delivered solid second quarter results and continued to build on the Company's momentum, particularly within our strategic product lines,\" said Charlie Roberson, President and Chief Executive Officer. \"Our net sales grew significantly year-over-year, led by our higher-value strategic products, and we saw Adjusted EBITDA and Adjusted EBITDA margin expansion as our teams executed our focused sales plan.\"\"We remain committed to growing our share within higher-value product categories and markets, and this was demonstrated by the continued strong results we saw in our fire service and wovens product categories during the second quarter. Additionally, our team is developing and maintaining a robust acquisition pipeline as we seek opportunities that enhance Lakeland's strategic product portfolio and leverage our geographic reach. We expect to drive increased penetration within high-value markets, putting Lakeland in a position to deliver on its long-term financial targets.\"Roger Shannon, Lakeland's Chief Financial Officer, added, \"We are very pleased to report continued strong revenue growth, gross margins above our long...