Clarus Shares Gain Post Q2 Results

  • Clarus Corp 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.
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