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Lakeland's (LAKE) Earnings & Revenues Miss Estimates in Q4
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Lakeland Industries, Inc. (LAKE - Free Report) reported fourth-quarter fiscal 2024 (ended Jan 31, 2024) adjusted earnings of 22 cents per share, missing the Zacks Consensus Estimate of 30 cents.
On a reported basis, the company reported a net loss of 13 cents per share, against net income of 2 cents per share in the year-ago quarter. Lakeland incurred a one-time charge of $2.7 million for excess and obsolete inventory during the quarter.
Net sales of $31.2 million missed the Zacks Consensus Estimate of $33 million. However, the top line increased 7.7% from the year-ago quarter’s levels.
Inside the Headlines
In the reported quarter, the company’s domestic sales were $12.7 million, up 7.6% year over year. International sales increased 8.1% year over year to $18.6 million. Growth in sales across all regions of the world, excluding China, drove quarterly revenues.
Lakeland Industries, Inc. Price, Consensus and EPS Surprise
Lakeland’s cost of sales in the reported quarter was $20 million, up 10.5% year over year. Operating expenses were $14.5 million, up 34.3%. Interest expenses were $30 million compared with $12 million in the year-ago quarter.
Net loss in the fiscal fourth quarter was $1 million compared with net income of $0.2 million a year ago. Its gross margin came in at 35.9% compared with 37.5% in the year-ago quarter.
Adjusted EBITDA (excluding FX losses) was $3.4 million, lower than $1.9 million in the year-ago period.
Balance Sheet/Cash Flow
Exiting the fiscal 2024, LAKE had cash and cash equivalents of $25.2 million compared with $24.6 million at the end of January 2023. The company’s total liabilities were $30.3 million, higher than $23 million at fiscal 2023-end.
In the fiscal fourth quarter, the company generated cash of $3.2 million from operating activities, out of which $2.8 million was generated by the accelerated reduction of raw materials and finished goods inventory.
Exiting the fiscal 2024, its total stockholders' equity was $123.5 million compared with $120 million a year ago.
Guidance
For the fiscal 2025 (ending January 2025), Lakeland expects revenues in the range of $140-$150 million compared with $124.7 million in the fiscal 2024.
LAKE expects an adjusted EBITDA in the band of $16.8-$18.5 million.
Revenues and adjusted EBITDA outlook include the company’s recently-announced acquisitions of Jolly Scarpe and Pacific Helmets. However, it excludes the impacts of the LHD fire and rescue business, which it anticipates to close in May 2024.
Key Picks
Lakeland presently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the same space are presented below.
MSA Safety Incorporated (MSA - Free Report) sports a Zacks Rank #1 (Strong Buy). MSA delivered a trailing four-quarter average earnings surprise of 21.8%. In the past 60 days, the Zacks Consensus Estimate for its 2024 earnings has increased 4.3%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cadre Holdings, Inc. (CDRE - Free Report) presently has a Zacks Rank of 2 (Buy). CDRE delivered a trailing four-quarter average earnings surprise of 45.6%. In the past 60 days, the Zacks Consensus Estimate for Cadre’s 2024 earnings has increased 7.3%.
Powell Industries, Inc. (POWL - Free Report) presently carries a Zacks Rank #2 and has a trailing four-quarter earnings surprise of 77.6%, on average. The Zacks Consensus Estimate for POWL’s fiscal 2024 (ending September 2024) earnings has been stable in the past 60 days.
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Lakeland's (LAKE) Earnings & Revenues Miss Estimates in Q4
Lakeland Industries, Inc. (LAKE - Free Report) reported fourth-quarter fiscal 2024 (ended Jan 31, 2024) adjusted earnings of 22 cents per share, missing the Zacks Consensus Estimate of 30 cents.
On a reported basis, the company reported a net loss of 13 cents per share, against net income of 2 cents per share in the year-ago quarter. Lakeland incurred a one-time charge of $2.7 million for excess and obsolete inventory during the quarter.
Net sales of $31.2 million missed the Zacks Consensus Estimate of $33 million. However, the top line increased 7.7% from the year-ago quarter’s levels.
Inside the Headlines
In the reported quarter, the company’s domestic sales were $12.7 million, up 7.6% year over year. International sales increased 8.1% year over year to $18.6 million. Growth in sales across all regions of the world, excluding China, drove quarterly revenues.
Lakeland Industries, Inc. Price, Consensus and EPS Surprise
Lakeland Industries, Inc. price-consensus-eps-surprise-chart | Lakeland Industries, Inc. Quote
Costs & Margins
Lakeland’s cost of sales in the reported quarter was $20 million, up 10.5% year over year. Operating expenses were $14.5 million, up 34.3%. Interest expenses were $30 million compared with $12 million in the year-ago quarter.
Net loss in the fiscal fourth quarter was $1 million compared with net income of $0.2 million a year ago. Its gross margin came in at 35.9% compared with 37.5% in the year-ago quarter.
Adjusted EBITDA (excluding FX losses) was $3.4 million, lower than $1.9 million in the year-ago period.
Balance Sheet/Cash Flow
Exiting the fiscal 2024, LAKE had cash and cash equivalents of $25.2 million compared with $24.6 million at the end of January 2023. The company’s total liabilities were $30.3 million, higher than $23 million at fiscal 2023-end.
In the fiscal fourth quarter, the company generated cash of $3.2 million from operating activities, out of which $2.8 million was generated by the accelerated reduction of raw materials and finished goods inventory.
Exiting the fiscal 2024, its total stockholders' equity was $123.5 million compared with $120 million a year ago.
Guidance
For the fiscal 2025 (ending January 2025), Lakeland expects revenues in the range of $140-$150 million compared with $124.7 million in the fiscal 2024.
LAKE expects an adjusted EBITDA in the band of $16.8-$18.5 million.
Revenues and adjusted EBITDA outlook include the company’s recently-announced acquisitions of Jolly Scarpe and Pacific Helmets. However, it excludes the impacts of the LHD fire and rescue business, which it anticipates to close in May 2024.
Key Picks
Lakeland presently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the same space are presented below.
MSA Safety Incorporated (MSA - Free Report) sports a Zacks Rank #1 (Strong Buy). MSA delivered a trailing four-quarter average earnings surprise of 21.8%. In the past 60 days, the Zacks Consensus Estimate for its 2024 earnings has increased 4.3%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cadre Holdings, Inc. (CDRE - Free Report) presently has a Zacks Rank of 2 (Buy). CDRE delivered a trailing four-quarter average earnings surprise of 45.6%. In the past 60 days, the Zacks Consensus Estimate for Cadre’s 2024 earnings has increased 7.3%.
Powell Industries, Inc. (POWL - Free Report) presently carries a Zacks Rank #2 and has a trailing four-quarter earnings surprise of 77.6%, on average. The Zacks Consensus Estimate for POWL’s fiscal 2024 (ending September 2024) earnings has been stable in the past 60 days.