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GARDEN CITY, N.Y. - Lifetime Brands , Inc. (NASDAQ:LCUT) reported better-than-expected fourth quarter results, sending shares up 2.7% as the company demonstrated resilience in its core business and growth in e-commerce sales.
The home products designer and marketer posted adjusted earnings per share of $0.55, surpassing analyst estimates of $0.45. Revenue for the quarter reached $215.2 million, exceeding the consensus forecast of $206.62 million and representing a 6% YoY increase.
Lifetime Brands’ fourth quarter performance was driven by strong seasonal consumer demand in December and continued execution of its online sales strategy. The company’s U.S. sales grew by $10.8 million, or 5.8%, while International sales increased by $0.8 million, or 4.4% in constant currency.
CEO Rob Kay commented, "Lifetime’s strong fourth quarter performance capped a solid 2024, as seasonal consumer demand accelerated in December. Fourth quarter sales grew by 6% to $215 million over the prior year period, driven by the continued execution of our online sales strategy."
The company’s gross margin expanded to 37.7% in the fourth quarter, up from 36.4% in the same period last year. For the full year 2024, gross margin improved to 38.2% from 37.1% in 2023.
Lifetime Brands plans to provide detailed full-year 2025 guidance with its first quarter results in mid-May. The company also announced the implementation of Project Concord, a comprehensive turnaround initiative for its International business, aimed at promoting growth and streamlining costs.
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