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- Clarus Corp (NASDAQ:CLAR) reported second-quarter FY22 sales growth of 57% year-on-year to $114.93 million, beating the consensus of $110.16 million.
- Domestic sales rose 23.5% Y/Y to $64.1 million, and International sales increased 137.3% to $50.8 million.
- The gross margin contracted by 20 basis points to 38%, and the gross profit gained 55.9% to $43.6 million.
- The operating margin was 6.8%, and operating income for the quarter rose 16.8% to $7.7 million.
- The company held $13.9 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities for the quarter totaled $4.5 million.
- Adjusted EBITDA increased 51% Y/Y to $17.6 million, with an adjusted EBITDA margin contracting 60 basis points to 15.3%.
- Adjusted EPS of $0.33 missed the consensus of $0.36.
- The board of directors has terminated its $30.0 million share repurchase program that had approximately $10.8 million available, replacing it with a new $50.0 million share repurchase program.
- Outlook: Clarus continues to expect FY22 sales growth of about 25% Y/Y to $470 million, against the consensus of $472.95 million.
- The company continues to expect FY22 adjusted EBITDA of about $78 million. It sees FY22 free cash flow of $30 million - $40 million (prior view $50.0 million - $60.0 million).
- Price Action: CLAR shares are trading higher by 9.76% at $22.60 in premarket on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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