Clarus Q3 2023 Earnings Report
Key Takeaways
Clarus Corporation reported Q3 2023 sales of $100.1 million, a decrease compared to the same year-ago quarter. The company experienced a net loss of $1.3 million, or $(0.03) per diluted share. Adjusted EBITDA was $9.9 million, representing a 9.9% margin. The company is focused on stabilizing sales and margins, organizational reshaping, and cost reductions.
Sales in the third quarter were $100.1 million, compared to $115.7 million in the same year-ago quarter.
Net loss in the third quarter was $1.3 million, or $(0.03) per diluted share, compared to net income of $2.8 million, or $0.07 per diluted share, in the prior year’s third quarter.
Gross margin in the third quarter increased 140 basis points to 35.5% compared to 34.1% in the year-ago quarter.
Adjusted EBITDA in the third quarter was $9.9 million, compared to $15.1 million in the same year-ago quarter.
Clarus
Clarus
Clarus Revenue by Segment
Forward Guidance
The Company now expects fiscal year 2023 sales of $364 million to $368 million and adjusted EBITDA of $33 million to $35 million. In addition, capital expenditures are now expected to be approximately $6 million and free cash flow is now expected to range between $20 and $22 million for the full year 2023.