Lakeland Industries stock slides as Q2 earnings fall short

Sep. 09, 2022 11:00 AM ETLakeland Industries, Inc. (LAKE)By: Preeti Singh, SA News Editor

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  • Lakeland Industries (NASDAQ:LAKE) shares slid 6% on Friday in response to the firm's second quarter results that fell short of analysts estimates.
  • Late Thursday, the industrial protective clothing maker reported adj. earnings per share of $0.15 and revenue of $28.2M (+2.7% Y/Y). Foreign exchange currency translations negatively impacted sales.
  • Adj. net income slipped from $3M in the prior year period to $1.1M, while gross margin fell from 46.8% to 41.3%, but managed to be above the firm's long-term target threshold of 40%.
  • EBITDA of $2.1M also decreased from $4.6M a year ago.
  • CEO Charles Roberson said, "As we look to the balance of the fiscal year, the magnitude and duration of a pending economic slowdown remains unknown, and we expect the impacts with regards to inflation and broader supply chain disruptions to continue to pressure the industrial environment."

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