Clarus ( NASDAQ: CLAR ) stock gained 11.7% to $23 in Tuesday early trading, after the outdoor equipment and lifestyle products maker reported record Q2 revenue and approved a new $50M share buyback program.
CLAR after hours on Monday said Q2 revenue jumped 56.8% Y/Y to an all time high of $114.9M, which also beat estimates by $4.77M . CLAR's Q2 non-GAAP EPS of $0.33 missed by $0.06 .
Clarus' ( CLAR ) record quarterly revenue included a contribution of about $22.8M from its acquisition of RhinoRack and $4.3M from its acquisition of MAXTRAX.
CLAR president John Walbrecht in the earnings report said that demand trends in the company's outdoor segment remained strong, though it also continued to face supply chain and logistics challenges in the segment.
The company also replaced its $30M share repurchase program with a new $50M one and kept its fiscal year 2022 sales guidance unchanged despite the effect of a stronger U.S. dollar.
Clarus ( CLAR ) continues to expect FY 2022 sales to grow about 25% Y/Y to $470M vs. consensus revenue estimate of $472.60M. The company also estimated that the strong U.S. dollar would materialize as a $7M sales headwind in H2 of the year.
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Clarus shares rise ~12% on record Q2 revenue, new $50M share buyback program