Q3 2024 Leatt Corp Earnings Call Transcript
Key Points
- Leatt Corp (LEAT) reported a 1% increase in total global revenues for the third quarter of 2024, marking a return to growth.
- International sales rose by 5%, indicating strong performance outside the domestic market.
- Gross profit for the third quarter was $5.17 million, with margins improving by 4% sequentially over the second quarter.
- Direct-to-consumer sales grew by 12% during the quarter, showcasing the strength of their consumer platform.
- Cash increased by $1.12 million to $12.47 million, with cash flows provided by operations of $2.98 million for the nine months ended September 30, 2024, indicating strong liquidity management.
- Net income for the third quarter of 2024 was down by 75% compared to the same period in 2023.
- Footwear revenues contracted globally due to aggressive competitive pricing and high inventory levels.
- Brick-and-mortar MOTO dealer sales in the US were constrained during the quarter.
- Revenues from other products, parts, and accessories decreased by 11% year over year.
- The company faces challenging economic headwinds globally that may impact demand.
Greetings and welcome to the third quarter, 2024 results conference call at this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance for this conference, please press star zero on your telephone keypad as a reminder, this call is being recorded. It is now my pleasure to introduce your host, Michael Mason Investor Relations of Leatt Corporation. Thank you. You may begin.
Thanks (Tanya). Good morning and welcome to the Leatt Corporation Investor conference call to discuss the financial results for the third quarter 2024.
The company issued a press release today. Tuesday, October 29 2024 at 8 a.m. Eastern and filed its report with the SEC.
The press release is posted on lit's website at Leatt-corp.com.
This call is being broadcast live and may be accessed on the company's website.
An audio replay of this call will be available for seven days and maybe access from North
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