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Sep 30, 2023
Cadre Holdings Q3 2023 Earnings Report
Increased quarterly revenue, net income, and gross margin sequentially and year-over-year and achieved second consecutive quarter of record adjusted EBITDA and adjusted EBITDA margin.
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
Revenue by Segment
Distribution Segment Revenue
CapyFin.com 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.