The following is a summary of the Lakeland Industries, Inc. (LAKE) Q4 2023 Earnings Call Transcript:
Financial Performance:
Lakeland reported Q4 net sales increase by 7.7% to $31.2 million compared to $29 million last year.
Despite a 44% decrease in the Asia business, the company delivered robust full year revenue growth of $11.8 million, or 10.5%.
The FY 2024 net income increased by $3.6 million to $5.4 million, corresponding to net income per diluted share of $0.72 up from $0.24 in the previous year.
Adjusted EBITDA excluding foreign exchange loss increased by over $6 million to $15.7 million for FY 2024.
Business Progress:
Lakeland closed the acquisition of Pacific Helmets and Jolly Scarpe boots, and announced an agreement to acquire LHD Group of Germany's Fire Service business.
The strategic product lines are promoting profitable growth through varied efforts from product development to operations optimization.
In the next fiscal year, the company plans to recruit a new Senior Vice President of Sales and expand the integration team for increased operational efficiency.
Lakeland is slowly incorporating service aspects to its core business starting with the recent LHD acquisition.
The company commenced offering a 'head-to-toe' fire product range for a competitive advantage.
Despite the challenging foreign exchange impacts, the company plans for continued investment in the Latin American market.
More details: Lakeland Industries IR
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