Solo Brands, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 06:53 am
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Solo Brands, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 110.32 million compared to USD 102.16 million a year ago. Net income was USD 4.13 million compared to net loss of USD 2.2 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to basic loss per share from continuing operations of USD 0.03 a year ago. Diluted earnings per share from continuing operations was USD 0.07 compared to diluted loss per share from continuing operations of USD 0.03 a year ago.
For the nine months, sales was USD 329.46 million compared to USD 320.38 million a year ago. Net income was USD 12.48 million compared to net loss of USD 16.28 million a year ago. Basic earnings per share from continuing operations was USD 0.2 compared to basic loss per share from continuing operations of USD 0.26 a year ago. Diluted earnings per share from continuing operations was USD 0.2 compared to diluted loss per share from continuing operations of USD 0.26 a year ago.
Solo Brands, Inc. develops and produces ingenious lifestyle products that market and deliver through its direct-to-consumer (DTC) platform and wholesale partnerships. The Company operates six outdoor brands: Solo Stove, Oru Kayak, Inc. (Oru), International Surf Ventures, Inc. (ISLE), Chubbies, Inc. (Chubbies), Sconberg, LLC (TerraFlame) and IcyBreeze Cooling, LLC (IcyBreeze). Its brands develop products and market them directly to customers primarily through e-commerce channels. Its Solo Stoves include the Lite, Titan, and Campfire. Solo Stove Lite is an ultralight portable backpacking camp stove that can boil water in under 10 minutes using just twigs, sticks, and leaves. The Solo Stove fire pit products include the new tabletop Mesa, Ranger, Bonfire, Yukon, and Canyon. Its Oru brand includes five kayak models: the Inlet, Beach LT, Bay ST, Coast XT, and Haven. Its Chubbies brand offers apparel across five product lines: swim trunks, casual shorts, sport, polos and shirts, and lounge.