Welcome to our dedicated page for Clarus news (Ticker: CLAR), a resource for investors and traders seeking the latest updates and insights on Clarus stock.
Clarus Corporation (NASDAQ: CLAR) is a manufacturing company focused on outdoor enthusiast markets, with products sold under the Black Diamond®, Rhino-Rack®, MAXTRAX®, TRED Outdoors® and RockyMounts® brands. This news page aggregates company announcements and third-party coverage related to CLAR stock, giving investors and outdoor industry followers a single place to review recent developments.
Clarus regularly issues quarterly earnings press releases and hosts conference calls to discuss its financial results. These updates provide detail on sales trends in its Outdoor and Adventure segments, gross margin drivers, restructuring charges, transaction costs, and non-GAAP metrics such as adjusted EBITDA and free cash flow. News items also cover how macroeconomic conditions, tariffs and consumer demand are affecting the company’s performance in domestic and international markets.
In addition to earnings, Clarus news often includes capital allocation decisions such as the board’s confirmation of regular quarterly cash dividends of $0.025 per share, with specified record and payment dates. Corporate actions, including acquisitions and divestitures, are also highlighted. For example, the company has announced and completed the sale of its PIEPS snow safety brand and related avalanche pack intellectual property to a private investment firm, describing this as part of its effort to simplify the business and rationalize product categories.
Visitors to this page can review CLAR-related headlines covering segment leadership changes, strategic reviews, and commentary from Clarus’ executive chairman on the outlook for its Outdoor and Adventure segments. For anyone tracking Clarus stock, the outdoor equipment and lifestyle products market, or the performance of brands like Black Diamond and Rhino-Rack, this news feed offers a centralized view of the company’s most recent public communications.
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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.
Clarus Corporation (NASDAQ: CLAR) has acquired assets related to the Barnes® brand of specialty hunting bullets for $30.5 million in cash. Barnes, known for its lead-free bullets, reported $21.8 million in sales for the 12 months ending June 30, 2020. This acquisition aligns with Clarus' strategy to build a robust premium bullet platform and is expected to enhance earnings immediately. The integration aims to leverage financial and operational synergies, boosting market potential. Further financial details will be disclosed in the upcoming third quarter earnings call.
Clarus Corporation's subsidiary, Sierra Bullets, has entered an agreement to acquire the Barnes Bullets brand for $30.5 million. This strategic acquisition enhances Clarus's position in the specialty bullet and ammunition sector, aiming for $100 million in sales with 25-30% adjusted EBITDA margins. Barnes, a leader in environmentally friendly bullets, reported $21.8 million in sales for the trailing twelve months. The acquisition is expected to be immediately accretive and is pending approval from the U.S. Bankruptcy Court.
Clarus Corporation's subsidiary, Sierra Bullets, is set to acquire assets of Barnes Bullets for $30.5 million in a strategic move aimed at enhancing its specialty ammunition platform. This acquisition is expected to be immediately accretive to earnings and aligns with the company's goal of reaching $100 million in sales with 25-30% adjusted EBITDA margins. Barnes Bullets, known for its environmentally friendly, lead-free bullets, reported $21.8 million in sales over the trailing twelve months. The transaction is pending court approval and completion is anticipated in October 2020.