Lakeland Swings to $4.9M Q2 Loss, Stock Slides 16%
LAKE sits 29% above its 52-week low of $7.15.
Summary
Lakeland Industries swung to a fiscal Q2 net loss of $4.9 million, or 50 cents per share, from a profit of $766,000, or 8 cents, a year earlier. Revenue fell 4.5% to $50.1 million, missing the $51.4 million consensus. The stock dropped 16% to $9.25 midday Thursday, a sharp reaction to the wider-than-expected loss. CEO Jim Jenkins said the company expects a return to more consistent growth in the second half of the year. This follows the Reuters report yesterday that first flagged the revenue miss; today's headline adds the full loss figures and the market's negative response.
At the time of this announcement, LAKE was trading at $9.22 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $90.9M. The 52-week trading range was $7.15 to $18.00. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.