Clarus Q1 2023 Earnings Report
Key Takeaways
Clarus Corporation reported a decrease in sales to $97.4 million compared to $113.3 million in the same year-ago quarter. The Outdoor segment saw a slight increase in sales, while the Precision Sport and Adventure segments experienced declines. Net income was $1.6 million, or $0.04 per diluted share, compared to $5.3 million, or $0.13 per diluted share, in the prior year's first quarter.
Consolidated Q1 sales were $97.4 million, down from $113.3 million year-over-year, impacted by foreign currency exchange.
Outdoor segment sales increased by 2% to $52.8 million, driven by direct-to-consumer and international growth.
Gross margin was 37.0%, compared to 39.1% in the same year-ago quarter, influenced by channel and product mix changes and foreign currency exchange.
Adjusted EBITDA was $9.6 million, compared to $19.7 million in the same year-ago quarter, with a margin of 9.9%.
Clarus
Clarus
Clarus Revenue by Segment
Forward Guidance
The Company continues to expect fiscal year 2023 sales of approximately $420 million and adjusted EBITDA of approximately $60 million, or an adjusted EBITDA margin of 14.3%.