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Clarus Reports Record First Quarter 2021 Results and Raises Full-Year Outlook
- Sales in the First Quarter of 2021 Increase 41% Year-Over-Year to $75.3 Million, Marking Third Consecutive Quarter of Growth -
- Raises Full-Year Outlook: Expects 2021 Sales and Adjusted EBITDA to Grow Approximately 32% and 70% Year-Over-Year to $295 Million and $38 million, Respectively -
SALT LAKE CITY, Utah – May 10, 2021 – Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a company focused on the outdoor and consumer industries, reported financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Financial Summary vs. Same Year-Ago Quarter
|·||Sales increased 41% to $75.3 million.|
|·||Gross margin improved 130 basis points to 35.9%; adjusted gross margin up 180 basis points to 36.4%.|
|·||Net income improved significantly to $5.7 million, or $0.17 per diluted share, compared to $0.04 million, or $(0.00) per diluted share.|
|·||Adjusted net income before non-cash items increased 280% to $10.2 million, or $0.31 per diluted share, compared to $2.7 million, or $0.09 per diluted share.|
|·||Adjusted EBITDA increased 191% to $10.6 million.|
|·||Free cash flow (net cash provided by operating activities less capital expenditures) was $(3.9) million compared to $2.2 million.|
“We had another quarter of double-digit revenue growth driven by continued robust demand across all of our brands and product categories,” said Clarus President John Walbrecht. “Additionally, we substantially improved gross margins and earnings thanks to the strength of our ‘super-fan’ brands, our capabilities to fulfill demand and our consistent pricing strategy. Overall, the first quarter was another quarter where we not only did what we set out to do, but we also exceeded our expectations.
“Across our Black Diamond and Sierra segments, we continued to outperform the market as we strived to enhance the value proposition for our end consumer. In Black Diamond, we benefited from the recovery in the outdoor market and reduced inventory volatility at retail, which allowed us to accelerate our growth, particularly with some of our key retail accounts. This is despite continued headwinds from COVID-19 and supply chain challenges. Demand in our bullet businesses continued to surge, and we were able to navigate component shortages relatively well as seen by the 94% and 92% pro forma first quarter sales growth in our Sierra and Barnes brands, respectively.
“Given our momentum, we are raising our full-year outlook and expect to continue leveraging the high demand for our diversified portfolio of brands. We will also expect to continue to innovate, whether that means adding new technical-rich features to our products or acquiring a new super-fan brand. Overall, 2021 is shaping up to be a record year.”
The following information was filed by Clarus Corp (CLAR) on Monday, May 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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