Revenues for the California-based tool company jump 76 percent.
The ToughBuilt C550 Sawhorse
Irvine, California-based ToughBuilt, the designer, manufacturer and distributor of innovative products, reported a big jump in sales in its third quarter.
For the three months ended Sept. 30, the company reported revenues of $30.2 million, up 76 percent from the same period in 2021. Three reasons for the jump: the entrance into three new global markets for its striking, cutting and measuring lines, said CEO Michael Panosian.
Net income in the third quarter of 2022 was approximately $539 thousand, compared to a net loss of approximately $9.0 million in the third quarter of 2021.
Third quarter 2022 Amazon.com gross sales were approximately $3.91 million, compared to approximately $3.4 million for the third quarter of 2021.
The company expanded distribution in Sears’ Mexico locations to 96 storefronts.
It also entered into a distribution agreement with Sodimac, the largest home improvement and construction supplier in South America, beginning with Peru and Colombia with 15 ToughBuilt SKUs. Also, ToughBuilt entered into four, new major retailers in Germany, and entered Great Britain and Switzerland.
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The bottom line: Net income of $539,000 was up from a net loss of about $9.0 million in the same quarter one year ago.
What the CEO said: “We remain confident in our long-term strategy, building upon our partnerships and relevant opportunities to grow our market share in different categories,” said Michael Panosian, ToughBuild CEO. “We expect revenues to continue to increase rapidly as our recently announced product introductions and distribution partnerships ramp-up. We remain focused on delivering profitable growth and are targeting profitability in 2023.”
For more information: ToughBuilt’s investor relations page has more here.