CAPE TOWN, South Africa (BRAIN) — Protective gear brand Leatt Corporation reported an 18th consecutive quarter of growth with third-quarter revenue increasing 5% year-over-year.
Revenue for the quarter ending Sept. 30 was $23.3 million, rising from $21.1 million at the same time last year. Leatt said the growth was primarily driven by an 88% increase in helmet sales and a 38% increase from other products, parts, and accessories. That offset decreases in body armor and neck brace sales.
"We were particularly pleased with our results in the U.S., where revenues increased by $1.1 million or 26% over the 2021 third quarter, as we fulfilled pre-booked orders to re-stock dealer inventory around the country," said CEO Sean Macdonald. "We continue to invest heavily in our U.S. sales and distribution capacity and are well stocked in our new U.S. warehouse to meet dealer demand on an on-going basis."
Net income for the quarter was $4.1 million, down 5% from $4.3 million year-over-year. Earnings per share fell from $0.79 to $0.70.
Macdonald noted that on a year-to-date basis, Leatt had double-digit revenue increases in all product categories except neck braces.
Leatt is traded on the OTCQB markets under the LEAT symbol.
