Welcome to our dedicated page for Clarus Corporation news (Ticker: CLAR), a resource for investors and traders seeking the latest updates and insights on Clarus Corporation stock.
Clarus Corporation (NASDAQ: CLAR) is a global leader in the design, development, manufacturing, and distribution of high-quality outdoor equipment and lifestyle products. Based in Salt Lake City, Utah, Clarus operates two main segments: Black Diamond and Sierra. These segments cater to various outdoor enthusiasts, including climbers, skiers, mountaineers, trail runners, and adventurers.
The Black Diamond segment specializes in activity-based apparel such as shells, insulation, midlayers, pants, and logowear. It also provides rock-climbing footwear and equipment, technical backpacks, trekking poles, headlamps, gloves, and a wide range of ski equipment. Noteworthy products include avalanche airbag systems, avalanche transceivers, and ice-climbing gear. This segment targets those passionate about climbing, mountaineering, trail running, and skiing.
On the other side, the Sierra segment encompasses brands like Rhino-Rack, MAXTRAX, and TRED Outdoors. This segment focuses on highly-engineered automotive roof racks, mounting systems, luggage boxes, and recovery boards. Rhino-Rack and MAXTRAX products are especially popular in Australia, New Zealand, and the United States.
In recent achievements, Clarus has shown resilience despite challenging macroeconomic conditions. The company reported financial results for the third quarter of 2023, showcasing strategic realignment efforts. Clarus has acquired TRED Outdoors, an innovative, fast-growing brand in the outdoor adventure market. This acquisition aims to expand the company’s product portfolio and enhance its recovery board solutions.
In terms of financial health, Clarus ended 2023 with a strong balance sheet, zero debt, and over $40 million in cash. The company has a streamlined focus on its two main segments poised for growth. With a positive outlook for 2024, Clarus expects total annual net sales to range between $270 million to $280 million and adjusted EBITDA of $16 million to $18 million.
Clarus continues to align its inventory levels with market demands and simplify its organizational structure. The company prioritizes innovation and sustainability, aiming to enhance profitability and unlock new opportunities in the outdoor and adventure sports markets.
For more information on Clarus Corporation, visit their official website at www.claruscorp.com.
Clarus Corporation reported a 6% increase in third-quarter sales to $115.7 million, driven by strong demand in its Outdoor and Precision Sport segments. However, gross margin declined to 34.1% from 36.0%, and net income fell to $2.8 million from $4.5 million year-over-year. Adjusted EBITDA dropped to $15.1 million, reflecting challenges in the Adventure segment and rising freight costs. The company revised its full-year sales outlook to $445 million and adjusted EBITDA to $64 million, citing ongoing currency headwinds and economic conditions.
Clarus Corporation (NASDAQ: CLAR) has confirmed a quarterly cash dividend of $0.025 per share, scheduled for payment on November 25, 2022, to stockholders of record as of November 14, 2022. The company specializes in outdoor equipment and lifestyle products under brands like Black Diamond and Rhino-Rack. Clarus aims to enhance brand portfolios through innovation and growth in the outdoor enthusiast market, positioning itself for long-term success amidst increasing market demand.
Clarus Corporation (NASDAQ: CLAR) will host a conference call on November 7, 2022, at 5:00 p.m. ET to discuss its Q3 2022 financial results. A press release detailing these results will be issued after market close on the same day. Interested participants can register for the call via the provided link to obtain dial-in instructions. Clarus, based in Salt Lake City, focuses on outdoor and enthusiast markets, offering brands like Black Diamond and Rhino-Rack. The company's strategy aims to grow 'super fan' brands through innovation and sustainable growth.
Clarus Corporation (NASDAQ: CLAR) has granted Thrivent Asset Management approval to increase its ownership stake from 4.1% to a maximum of 9.9% of the company's outstanding shares. Thrivent currently holds 1,533,554 shares, and any increase is conditioned on remaining eligible for Schedule 13G reporting and not exceeding the 9.9% limit. Clarus expects this potential investment reflects Thrivent's confidence in its long-term strategy. Furthermore, the company has $60.7 million in Net Operating Loss (NOL) carryforwards, with plans to utilize approximately $39.5 million by the end of 2022.
Clarus Corporation (NASDAQ: CLAR) has filed a lawsuit in the U.S. District Court for the Southern District of New York against HAP Trading, LLC and Mr. Harsh A. Padia. The lawsuit seeks to recover profits from transactions in Clarus common stock, alleging violations of Section 16(b) of the Securities Exchange Act of 1934. This section mandates that beneficial owners of over 10% of a company's securities must return any profits from certain stock transactions within a six-month period. Further details on the complaint can be accessed via Clarus's legal filings.
Clarus Corporation's subsidiary, MAXTRAX, has won the 2022 Australian Good Design Award for Product Design in the Automotive and Transport category for its innovative MAXTRAX 4x4 Recovery System. This product enhances safety for overland enthusiasts with features like a soft shackle hitch receiver, winch ring, and various ropes. The awards jury praised its holistic design that minimizes injury risks. Clarus President John Walbrecht emphasized the company's ongoing commitment to developing safe and effective outdoor adventure tools as more consumers engage in off-road activities.
Clarus Corporation (NASDAQ: CLAR) will participate in upcoming investor conferences, including the Lake Street Big6 Best Ideas Growth Conference on September 14 and the Raymond James Consumer Conference on September 15, where it will present from 1:10 to 1:40 PM ET. Additionally, Clarus will attend the Wells Fargo Consumer Conference on September 20-21. The company focuses on outdoor and consumer enthusiast markets, aiming to grow 'super fan' brands through innovation. More information is available through their investor relations contacts.
Clarus Corporation (NASDAQ: CLAR) announced an investigation into Caption Management, LLC for failing to comply with beneficial ownership reporting rules. Caption's acquisition of 17.1% ownership in Clarus violated its Rights Agreement, prompting the company to evaluate potential liabilities for short swing profits. The Board of Directors will pursue remedies, which may substantially dilute Caption’s ownership. Clarus is also in contact with Nasdaq regarding Caption's trading activity and may take further action against manipulative trading practices.
Clarus Corporation (NASDAQ: CLAR) acknowledged recent market volatility affecting its stock, stating no material developments contributed to this activity. Parallax Volatility Advisers acquired over 5% of Clarus' shares without board approval, violating a rights agreement aimed at preserving net operating losses. Clarus may pursue remedies to dilute Parallax's ownership. Additionally, Clarus has a $50 million stock repurchase program and had $13.9 million in cash as of June 30, 2022, with $274.5 million available on its revolving credit line.
Clarus Corporation (NASDAQ: CLAR) has approved requests from its major shareholders, Brown Advisory and Greenhouse Funds, to increase their ownership stakes to 12.5% of the company’s outstanding shares. Brown currently holds about 8.5% (3,179,132 shares) and Greenhouse holds about 7.4% (2,772,000 shares). This approval is conditional on both parties not exceeding the 12.5% limit and maintaining eligibility to report on Schedule 13G. The company also confirmed that this increased investment will not hinder the utilization of approximately $60.7 million in Net Operating Loss carryforwards.
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