LAKE - Lakeland Industries climbs 10% on beating Q1 estimates
2023-06-08 10:58:27 ET
Global manufacturer of protective clothing for industry, healthcare and first responders on the federal, state and local levels, Lakeland ( NASDAQ: LAKE ) shows Q1 net sales of $28.7M, up 5.2% Y/Y, with fire product line sales rising 103%. Bifurcating region-wise: domestic sales consisted 43% of total revenue, and international sales took 57%.
Gross profit increased 12.6% Y/Y to $12.4M; Gross margin of 43.4%, compared to 40.5% in the prior year period.
Net income of $1.3M, or $0.18 per basic.
Adjusted EBITDA of $2.8M in 1Q24, compared to $2.3M in 1Q23; Adjusted EBITDA margin of 9.6% vs. 8.4% last year.
The company is prioritising continued revenue growth in strategic markets in line with the company's three-to-five-year targets and completing investments in its global manufacturing footprint, with a focus on high-margin product lines.
SA states that the stock is at high risk of performing badly due to negative EPS revisions and decelerating momentum; the sell-side analyst gives the stock a Strong Buy rating with an average price target of $21.
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Lakeland Industries climbs 10% on beating Q1 estimates