TBLT - ToughBuilt Industries slides 12% despite Q3 earnings beats

• ToughBuilt Industries ( NASDAQ: TBLT ) shares plunged 12% Tuesday morning even as the home improvement products firm reported better-than-expected third quarter results .
• Late Monday, the company reported earnings of $0.05 per shares and revenue of $30.2M that grew 75.6% Y/Y.
• The growth in revenue was primarily due to the expansion of existing customers and their recurring orders, adding new customers globally, launching more products in different categories and an increase in sales through Amazon.
• Cost of goods sold increased 90% Y/Y to $22.3M, primarily due to increased sales as well as an increase in materials to manufacture metal goods and soft goods, and an increase in labor costs in China.
• Margins dropped from 31.6% a year-ago to 26.1%.
• The company does not currently expects the ongoing supply chain disruptions to have a material adverse effect on its operations for the remainder of the fiscal year 2022.

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