Clarus Corporation reported third-quarter 2024 sales of $67.1 million, a decrease from $81.3 million in the prior year's quarter. This decline was attributed to softness across all selling channels in the Outdoor segment and lower Adventure segment sales, partially offset by the TRED Outdoors acquisition.
Despite the revenue decline, gross margin improved to 35.0% from 33.6% year-over-year, driven by favorable product mix in the Outdoor segment due to simplification efforts. Adjusted income from continuing operations remained flat at $1.9 million, or $0.05 per diluted share.
The company updated its fiscal year 2024 outlook, now expecting sales between $260 million and $266 million, and adjusted EBITDA from continuing operations between $7 million and $9 million. Free cash flow is projected to be an outflow of $(6) million to $(8) million for the full year.
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