Clarus Corporation reports news on a global outdoor enthusiast business organized around Outdoor and Adventure segments. Company updates cover results for brands and product lines such as Black Diamond, PIEPS, Rhino-Rack, MAXTRAX and TRED, including climbing, skiing, mountaineering, trail running, apparel, automotive roof racks, carriers, recovery boards and related accessories.
Recurring developments include quarterly earnings, segment sales trends, gross margin, adjusted EBITDA, free cash flow, inventory and restructuring charges, product mix, regular cash dividends and capital allocation. Clarus also reports corporate strategy updates tied to simplification initiatives and shareholder value considerations.
Clarus Corporation (NASDAQ: CLAR) will hold a conference call on March 8, 2021, at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2020. The results will be reported in a press release after market hours the same day. A live broadcast of the call will be available, and a replay can be accessed after 8:00 p.m. Eastern time through March 22, 2021. Clarus, based in Salt Lake City, focuses on outdoor and consumer industries, featuring brands like Black Diamond® and Sierra®.
Clarus Corporation (NASDAQ: CLAR) announced preliminary Q4 2020 sales of approximately $75 million, a 23% increase year-over-year, surpassing previous estimates. This includes a $6.5 million contribution from the recent acquisition of Barnes. Adjusted EBITDA is expected to be about $10.5 million, representing a 50% increase from Q4 2019. For the entire year, sales are projected at $223 million, slightly down from $229.4 million in 2019, impacted by COVID-19. The company will release full results in early March.
Clarus Corporation (NASDAQ: CLAR) has announced a quarterly cash dividend of $0.025 per share, payable on February 19, 2021, to stockholders on record as of February 8, 2021. This reflects the company's commitment to returning value to shareholders amid its ongoing operations in the outdoor and consumer industries.
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Clarus Corporation (NASDAQ: CLAR) reported third-quarter 2020 results, showcasing a 7% increase in sales to $64.5 million. However, net income fell to $1.2 million ($0.04 per diluted share), impacted by $6.6 million in non-cash charges. Adjusted net income rose to $9.2 million ($0.30 per diluted share), while free cash flow improved to $5.0 million. The company forecasts fourth-quarter sales between $67.5 million and $69.0 million, up 11% to 13% year-over-year. Despite a decrease in gross margin, management remains optimistic about growth, citing strong performance from the Sierra brand.
Clarus Corporation (NASDAQ: CLAR) will host a conference call on November 9, 2020, at 5:00 p.m. Eastern time to discuss its Q3 financial results for the period ending September 30, 2020. The earnings will be announced in a press release following the close of trading on that day. Investors can participate via a toll-free dial-in number, and the call will also be available for replay until November 16, 2020. Clarus specializes in outdoor equipment and lifestyle products and is known for its brands like Black Diamond and Sierra.
On October 22, 2020, Clarus Corporation (Nasdaq: CLAR) announced it will not proceed with a proposed offering of $85 million in convertible senior notes due 2026 due to unfavorable market conditions. Management deemed the offering opportunistic and not aligned with stockholder value expectations. The company emphasized that this decision reflects its commitment to securing terms that adequately recognize its future value.
Clarus Corporation (Nasdaq: CLAR) has initiated a public offering of $85 million in convertible senior notes maturing in 2026, with a potential additional $12.75 million for underwriters. The notes will be unsecured and pay interest semiannually starting May 1, 2021. They are convertible under specific conditions before maturity. Proceeds will be used to repay credit obligations and for general corporate needs. Jefferies and Stifel are the joint book-running managers for this offering, which is made under a current effective shelf registration with the SEC.
Clarus Corporation (NASDAQ: CLAR) expects Q3 2020 sales to be between $63-$64 million, up 5%-6% year-over-year, compared to $60.2 million in Q3 2019. Adjusted EBITDA is anticipated to range from $8-$9 million, marking an estimated 18%-32% increase from $6.8 million in the same period last year. Notably, Black Diamond sales are projected to decline by 10%, while Sierra sales could surge by 130%. The company had around $17 million in cash and total debt of approximately $41.1 million as of September 30, 2020.
Clarus Corporation (NASDAQ: CLAR) has reinstated its quarterly cash dividend of $0.025 per share, payable on November 20, 2020, to shareholders of record as of November 9, 2020. This decision comes as the company experiences recovery from the COVID-19 pandemic, marking a return to regular cash payments after previously opting for stock dividends. Executive Chairman Warren Kanders emphasized the company's progress in stabilizing its diversified portfolio of brands while focusing on rewarding long-term shareholders.