Q4 2024 Lakeland Industries Inc Earnings Call Transcript
Key Points
- Net sales for the fourth quarter of fiscal 2024 increased by 7.7% to $31.2 million compared to the previous year.
- For the full fiscal year 2024, Lakeland delivered solid revenue growth of $11.8 million or 10.5% compared to last year.
- Growth in US and Latin American operations was strong, with a 13% and 49% increase year over year, respectively.
- The Fire Service business grew over 80% versus last fiscal year, driven by strategic acquisitions and new distributor onboarding.
- Adjusted EBITDA, excluding FX losses, for the fourth quarter of fiscal 2024 was $3.4 million, reflecting improvements in sales mix and logistics operations.
- A 44% decrease in the Asia business during the year and a weaker than expected fourth quarter.
- A one-time charge for inventory rightsizing negatively impacted the fourth quarter gross profit margin.
- Foreign exchange volatility, particularly from the Argentine peso, had a negative impact on financial results.
- The company reported an operating loss of $3.3 million for the fiscal fourth quarter of 2024.
- Net income was negatively impacted by increased tax expenses and foreign exchange losses, resulting in a net loss of $1 million for the quarter.
Good day and welcome to the Lakeland Industries fiscal 2024 fourth-quarter financial results conference call. (Operator Instructions)
During today's call, we will make statements relating to our goals and objectives for future operations, financial and business trends, business prospects and management's expectations for future performance that constitute forward-looking statements under federal securities laws.
Any such forward-looking statements reflect management's expectations based upon currently available information and are not guarantees of future performance and involve certain risks and uncertainties that are more fully described in our SEC filings.
Our actual results, performance or achievements may differ materially from those expressed in or implied by such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.
During today's call, we will discuss financial measures derived from our financial statements that are not determined in accordance
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