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Lakeland Industries Inc. (LAKE+0.12%) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports net sales of $45.8 million for the three months ended October 31, 2024, a 44.5% increase from $31.7 million in the same period the previous year. This increase was primarily driven by the Fire Services product line, which saw a significant boost due to recent acquisitions.
Gross profit for the quarter was $18.6 million, up from $13.4 million in the prior year. However, the gross profit margin decreased to 40.6% from 42.2%, impacted by lower margins from recent acquisitions and increased freight expenses.
Operating expenses rose to $17.8 million, an 83.5% increase from $9.7 million in the previous year, due to acquisition-related costs and other operational expenses.
Operating profit for the quarter was $0.8 million, down from $3.6 million in the prior year, resulting in an operating margin of 1.8% compared to 11.4% previously.
Income tax expense for the quarter was $0.1 million, compared to $0.9 million in the previous year, reflecting a decrease in pre-tax income.
Net income for the quarter was $0.1 million, down from $2.6 million in the previous year.
For the nine months ended October 31, 2024, net sales increased to $120.6 million from $93.4 million, with significant contributions from the Fire Services product line.
Gross profit for the nine-month period increased to $50.0 million from $40.0 million, though the gross profit margin decreased to 41.5% from 42.8%.
Operating expenses for the nine-month period were $48.6 million, up from $30.7 million, due to acquisition costs and other operational expenses.
Operating profit for the nine-month period decreased to $1.4 million from $9.3 million, with an operating margin of 1.2% compared to 9.9% previously.
Net income for the nine-month period was $0.4 million, down from $6.4 million in the previous year.
The company reported cash and cash equivalents of $15.8 million as of October 31, 2024, with a working capital of $95.7 million.
Lakeland Industries completed several acquisitions during the period, including LHD Group Deutschland GmbH, Jolly Scarpe S.p.A., and Pacific Helmets NZ Limited, enhancing its product portfolio and market reach.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lakeland Industries Inc. quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.