Business
Lakeland Industries, Inc. Reports Fiscal 2024 Third Quarter Financial Results
Net sales of $31.7 million, up 11.6% year-over-year, and gross margin of 42.2%Continued strength in the Company's high-value, strategic product
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Net sales of $31.7 million, up 11.6% year-over-year, and gross margin of 42.2%Continued strength in the Company's high-value, strategic product linesHUNTSVILLE, AL / ACCESSWIRE / December 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 third quarter ended October 31, 2023. Fiscal 2024 Third Quarter Financial Results Highlights and Recent DevelopmentsNet sales increased 11.6% to $31.7 million compared to $28.4 million last yearGross margin was 42.2% compared to 43.3% last yearNet income was $2.6 million, or $0.35 per basic and $0.34 per diluted share, compared to net income of $1.4 million, or $0.19 per basic and diluted share, last yearAdjusted EBITDA* was $3.3 million compared to $3.0 million last year with a margin* of 10.4% compared to 10.4% last yearForeign currency exchange movements negatively impacted operating expenses and Adjusted EBITDA by $1.2 million compared to $0.5 million last year, respectivelyCompleted acquisition of Pacific Helmets NZ, Ltd (\"Pacific\") subsequent to quarter end, enhancing Lakeland's fire service offering*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 third-quarter results and continued to execute on the Company's growth strategy, highlighted by investments into the Company's high growth products and markets, the build-out of Lakeland's premier global fire brand, as well as further optimization of our operations and sales channels,\" said Jim Jenkins, Executive Chairman of Lakeland Industries. \"During the quarter, we saw healthy demand for our higher-value, strategic product categories, which represent a growing proportion of the Company's revenue profile. Additionally, the Company's geographic and end-market diversity helped bolster our results despite ongoing weakness in China. Our fire service business continues to expand, driven by our superior lead times and onboarding successes with new distributors. We also saw continued strength from oil and gas turnaround activity, as well as a significant increase in our direct container...