Lakeland Industries Inc. (NASDAQ: LAKE) reported its fiscal first-quarter financial results after the markets closed on Tuesday. The firm said that it had $1.08 in earnings per share (EPS) and $45.6 million in revenue, compared with consensus estimates that called for $0.26 in EPS and revenue of $31.7 million. In the same period of last year, the protective clothing provider said it had a net loss of $0.06 per share and $24.7 million in revenue.
During the quarter, domestic sales were $23.1 million, or 51% of total revenues, and international sales were $22.5 million, or 49% of total revenues.
Lakeland experienced organic growth across all product lines except high visibility/reflective. Disposable and chemical product lines relating to COVID-19 demand were the primary result for the substantial increase in sales.
On the books, Lakeland had cash and cash equivalents of $23.5 million at the end of the quarter, an increase from $14.6 million at the beginning of the fiscal year. The increase in cash primarily is a result of increased profitability and inventory reduction driven by the demand related to the COVID-19.
The company did not offer any guidance for the fiscal second quarter. However, analysts so far expect to see $0.21 in EPS and $29.97 million in revenue for the quarter.
Charles Roberson, president and CEO of Lakeland, commented:
Our fiscal 2021 first quarter performance was extraordinary with record setting financial results that validate our belief that owning our own manufacturing and having a resilient supply chain are essential to being a global leader in the PPE market. As a branded PPE provider, we are unique in owning our manufacturing facilities around the world and not relying on outsourced contractors. This important differentiator, combined with the capabilities of our ERP system that was recently installed in our U.S. operations, enabled us to scale our production output and manage our raw materials supply chain to not only achieve, but exceed our organic growth targets while contributing to the global pandemic response for emergency protective apparel.
Lakeland stock traded up about 31% at $21.01 on Wednesday, in a 52-week range of $9.70 to $28.00. The consensus price target is $20.25.
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