Business
Lakeland Industries Reports Fiscal Year 2025 Third Quarter Financial Results
Net Sales Increased 45% to a Record $45.8 Million Led by a 245% Increase in Fire Services ProductsGross Profit Increased 39% to $18.6 Million Due to Strong
About this update from Lakeland Industries, Inc.
[{"type":"text","content":"Net Sales Increased 45% to a Record $45.8 Million Led by a 245% Increase in Fire Services ProductsGross Profit Increased 39% to $18.6 Million Due to Strong Organic Revenue Growth and Organic Margin ImprovementReiterates Expectations for FY 2025 Revenue of at Least $165 Million and Adjusted EBITDA Excluding FX of at Least $18 millionManagement to Host Conference Call Today at 4:30 p.m. Eastern Time HUNTSVILLE, AL / ACCESSWIRE / December 5, 2024 / Lakeland Industries, Inc. (NASDAQ:LAKE) (the \"Company\" or \"Lakeland\"), a leading global manufacturer of protective clothing and apparel for industry, healthcare and first responders on the federal, state and local levels, has reported its financial and operational results for its fiscal 2025 third quarter ended October 31, 2024.Key Fiscal FY 2025 Third Quarter and Subsequent Financial and Operational Highlights Q3 Comparison$ in millionsFY Q3'25 FY Q3'24 $ Change YoY $ Change YoYNet Sales$45.8 $31.7 $14.1 44.5%Gross Profit$18.6 $13.4 $5.2 38.9%Gross Margin40.6% 42.2% - -162BPSNet Income$0.1 $2.6 ($2.5) -97%Adjusted EBITDA$4.3 $3.3 $1.0 29.8%Adjusted EBITDA ex. FX$4.7 $4.5 $0.2 4.9%Net sales were a record $45.8 million for the third quarter of fiscal 2025, an increase of $14.1 million or 44.5% compared to $31.7 million for the third quarter of fiscal 2024, driven by an increase in Fire Services.Organic revenue(1) increased 7.3% to $34.0 million for the third quarter of fiscal 2025, compared to $31.7 million for the third quarter of fiscal 2024 due to continued growth in Latin American markets, a rebound in Asia, and a strong shipment quarter at Eagle.Organic gross margin increased by 2.0 margin points to 44.2% for the third quarter of fiscal 2025, compared to 42.2% for the third quarter of fiscal 2024, driven by continued strength in U.S. and LATAM industrial and Fire Services businesses.Sales of the Fire Services product line were $19.3 million for the third quarter of fiscal 2025, an increase of $13.7 million or 245% compared to $5.6 million for the third quarter of fiscal 2024.Fire segment as a percentage of revenue continues to grow.U.S. revenue was $15.4 million for the third quarter of fiscal 2025, an increase of $0.3 million or 2.0% compared to $15.1 million for the third quarter of fiscal 2024.LATAM revenue was $5.0 million for the third quarter of fiscal 2025, an increase of ...