CAPE TOWN, South Africa (BRAIN) — Leatt Corporation had its fifth consecutive quarter of record-breaking financial results, reporting a 94% increase in third-quarter revenue and 166% increase in net income year-over-year.
The protective gear manufacturer's revenues were $22.1 million, compared with $11.3 million at the same time last year, for the quarter ending Sept. 30. Net income was $4.3 million, rising from $1.6 million in 2020. Earnings per share jumped 163%, from $0.30 to $0.79 year-over-year.
Leatt increased sales in helmets ($1.1 million), body armor ($6.6 million), neck braces ($1.5 million), and other products, parts and accessories ($1.5 million).
"Despite the dynamic and challenging environment, we expect the year-over-year growth trend to continue in the fourth quarter, as our global supply chain team and manufacturing partners have kept pace with our inventory requirements to provide timely shipments of Leatt products to meet growing customer demand levels," said CEO Sean Macdonald.
Leatt opened a 43,056-square-foot warehouse in Reno, Nevada, during the quarter to boost its U.S. operations.
"Although revenues in the U.S. grew marginally during the third quarter due to temporary domestic port congestions, dealer and consumer demand for our products remains strong in this market, and we expect to fulfill significant orders in the current quarter in time for the holiday season," Macdonald said. "Our new warehouse in Reno, Nevada, has the capacity for high-volume order fulfillment, which will be a key driver of our continued development in the U.S."
Leatt is traded on the OTCQB markets under the LEAT symbol.
