CAPE TOWN, South Africa (BRAIN) — Leatt Corp.'s third quarter was its strongest ever, according to its chief executive officer, with the protective gear brand's global revenue increasing 12% compared to the same time last year.
Revenue for the quarter ending Sept. 30 was $9.6 million and net income rose 19% "thanks to sales growth in every major product category," said CEO Sean Macdonald. "Our entire team is encouraged by the results of the quarter, which we believe are a testament to our ability to not only innovate, which has always been a Leatt hallmark, but also to execute our sales strategy and operate efficiently."
Year-to-date global revenue is now at $21 million, and net income $1.3 million.
Macdonald said Leatt's new GPX 3.5 moto neck brace, Velocity 6.5 moto goggles and mountain bike helmets fueled the third-quarter sales. Bicycle helmet revenue increased 56%, helped by the popularity of the DBX 3.0 and DBX 4.0 models, Macdonald said.
The company's moto body armor products represent 48% of sales and that segment showed a 10% growth for the year. "Sales were up in every product category except for neck braces, which contracted very slightly, only 1 percent," Macdonald said of the company's 2019 sales so far.
Leatt's corporate headquarters are in Cape Town. Its stock is traded on the OTCQB exchange under the LEAT symbol. Leatt stock quote at Marketwatch.com.
