Cadre Holdings Q3 2023 Earnings Report
Key Takeaways
Cadre Holdings reported strong Q3 2023 results with increased revenue, net income, and gross margin year-over-year. The company achieved a record adjusted EBITDA margin and raised its full-year adjusted EBITDA guidance range.
Net sales reached $125.1 million for the third quarter.
Gross profit margin was 42.8% for the third quarter.
Net income was $11.1 million, or $0.29 per diluted share, for the third quarter.
Adjusted EBITDA was $23.7 million for the third quarter, with an Adjusted EBITDA margin of 19.0%.
Cadre Holdings
Cadre Holdings
Cadre Holdings Revenue by Segment
Forward Guidance
Cadre expects to generate net sales in the range of $477 million to $481 million and Adjusted EBITDA in the range of $82 million to $85 million for the full year 2023, with capital expenditures expected to be in the range of $7.0 million to $8.0 million.
Positive Outlook
- Expects record full-year 2023 net sales between $477 to $481 Million.
- Raises 2023 full-year Adjusted EBITDA guidance range to $82 to $85 Million.
- Strong, sustained demand for mission-critical safety and survivability equipment.
- Implementation of the Cadre operating model, focused on constant improvement and the optimization of outcomes.
- Broad push to prioritize public safety in both the US and internationally.
Challenges Ahead
- Changes to global, social and political economic conditions.
- Spending patterns of government agencies.
- Competitive pressures.
- Logistical challenges related to disruptions and delays.
- Risks of doing business in the markets in which we operate, including foreign countries.