Lakeland Industries, Inc. reported fiscal third‑quarter 2026 results that included net sales of $47.6 million, a 4% year‑over‑year increase, but a net loss of $16.0 million, or $1.64 per diluted share. Adjusted EBITDA excluding foreign‑exchange effects fell to $0.2 million, a 95% decline from the $4.7 million reported a year earlier. The sharp drop in earnings and margin compression stem from higher freight, tariff, and material costs, lower gross margins on newly acquired businesses, and inventory write‑ups.
The Fire Services product line drove the majority of the top‑line growth, expanding 31% to $25.3 million. This growth was supported by the September 2025 acquisitions of Arizona PPE and California PPE, which added roughly $5 million in annual recurring revenue, and a newly announced three‑year contract with Hong Kong Fire Services worth $5.6 million. Despite these gains, the company’s core industrial segments—Disposables, Chemical, and High Visibility—experienced margin erosion due to rising input costs and slower demand in certain markets.
Earnings per share fell far short of analyst expectations. Consensus estimates called for $0.19 EPS, but the company posted a loss of $1.64 per share, a miss of $1.83 or 1,000% relative to the estimate. Revenue also missed consensus, with analysts projecting $57.5 million and the company reporting $47.6 million, a shortfall of $9.9 million or 17%. The market reacted negatively, with the stock falling over 19% in after‑market trading, reflecting investor disappointment over the earnings miss and the loss of guidance.
Management announced the withdrawal of formal fiscal‑year guidance, citing uncertainty around macro‑economic conditions, tariff volatility, and the integration of recent acquisitions. CEO James Jenkins said the company would focus on a “more disciplined operating model focused on measurable execution, cash generation and transparency.” CFO J. Calven Swinea noted that while revenue grew 4% YoY, consolidated gross margin fell to 29.7% from 40.6% a year earlier, and adjusted gross margin dropped to 31.3% from 41.7%. The company also suspended its quarterly dividend to preserve cash.
Segment‑level analysis shows that Fire Services contributed 53% of total revenue and 70% of adjusted EBITDA, underscoring the strategic importance of that business. In contrast, the Disposables and Chemical segments saw revenue declines of 5% and 3% respectively, and their gross margins contracted by 4 percentage points. The company’s inventory write‑ups of $1.2 million in the quarter further eroded profitability.
Looking forward, Lakeland faces significant headwinds: tariff increases, freight cost inflation, and certification delays that have extended tender timelines. However, the company’s expanded fire‑services portfolio and the Hong Kong contract provide tailwinds that could offset some of the pressure if the integration of Arizona and California PPE proceeds smoothly. Management’s focus on cost discipline and cash generation signals a cautious approach, but the loss of guidance and the steep margin compression raise concerns about the company’s ability to return to profitability in the near term.
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