WESTPORT, Conn. (BRAIN) — Compass Diversified, the parent of BOA Technologies, PrimaLoft and Lizard Skins, among other brands, announced sales growth of 19% in its second quarter.
“Despite the significant macroeconomic challenges that have curbed consumer discretionary spending, ongoing global supply chain constraints, and inflationary concerns, CODI reported another quarter of double-digit sales and earnings growth,” said Elias Sabo, the CEO of Compass Diversified. “Based on our strong performance and our current view of the economy, we are raising our full-year outlook. We believe we remain well-positioned to drive continued value for our shareholders.”
BOA was CODI’s biggest profit generator in the second quarter, generating $14 million in income on sales of $59.4 million, with an EBITDA of $24 million. BOA's sales were up 35% in the quarter. Marucci Sports, the CODI division that contains Lizard Skins, had a loss of $1.9 million in the quarter on sales of $27.6 million. PrimaLoft, which CODI announced plans to buy in June, was not included in the quarterly report.
Overall, CODI’s had quarterly net sales of $515.6 million, up 13%. Its branded consumer net sales (which include BOA and Marucci Sports) were up 21%, while its niche industrial sales were up 16%. Net income was up to $31.0 million versus a loss of $11.3 million in the quarter last year.
CODI completed the purchase of PrimaLoft Technologies Holdings, Inc. on July 12. PrimaLoft textiles are common in cycling and outdoor apparel, while BOA’s dial closures are common on cycling shoes, helmets, saddle bags and other products.
Compass bought BOA in 2020. Compass's Marucci Sports division, which Compass also acquired in 2020, bought the handlebar tape and grip brand Lizard Skins in October 2021.
Compass is traded on the New York Stock Exchange under the CODI symbol. The company's stock was recently added to the Russell 2000 and 3000 indexes.
