Clarus' Q4 Earnings, FY22 Outlook Beat Street View

  • Clarus Corp CLAR reported fourth-quarter FY21 sales growth of 55.6% year-on-year, to $118.18 million, beating the consensus of $105.81 million.
  • Domestic sales rose 33.7% Y/Y to $65.2 million, and International sales increased 94.8% to $53 million.
  • The gross margin expanded by 60 basis points to 36.1%, and the gross profit gained 58.2% to $42.6 million.
  • The operating margin was 7.7%, and operating income for the quarter rose 65.2% to $9.1 million.
  • The company held $19.5 million in cash and equivalents as of December 31, 2021. Cash provided by operating activities for the quarter totaled $16.8 million.
  • Adjusted EBITDA increased 81.8% Y/Y to $20 million with an adjusted EBITDA margin expanding 240 basis points to 16.9%.
  • Adjusted EPS of $0.45 beat the consensus of $0.36.
  • "We are expanding our sales and marketing teams within the Adventure segment to support our North American market penetration efforts while continuing to complement Australia's existing market share," said President John Walbrecht.
  • Outlook: Clarus sees FY22 sales growth of about 25% Y/Y to $470 million, against the consensus of $450.8 million.
  • The company expects FY22 adjusted EBITDA of about $78 million. It sees FY22 free cash flow of $50 million - $60 million.
  • Price Action: CLAR shares closed lower by 5.54% at $20.62 on Monday.
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