Lakeland Industries Inc LAKE reported third-quarter FY24 sales growth of 11.6% year-on-year to $31.68 million, beating the analyst consensus estimate of $30.90 million.
Sales of its fire service and industrial product lines increased by $6.1 million, reflecting continued market share expansion in the first responder markets and ongoing strength in oil and gas turnaround activity and utilities markets.
Meanwhile, sales were negatively impacted by declines in disposable products, particularly in Asia.
Gross profit climbed 8.9% Y/Y to $13.4 million, with the margin contracting 110 basis points to 42.2%.
The operating margin was 11.4%, and operating income for the quarter increased 62.9% to $3.6 million.
Adjusted EBITDA of $3.3 million increased over 10% Y/Y.
EPS of $0.34 beat the consensus estimate of $0.27.
Lakeland held $26.4 million in cash and equivalents as of October 31, 2023.
"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," said Executive Chairman Jim Jenkins.
"Additionally, the Company's geographic and end-market diversity helped bolster our results despite ongoing weakness in China."
Price Action: LAKE shares closed higher by 1.72% at $14.80 on Wednesday.
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