ToughBuilt Industries Inc TBLT shares are trading higher Monday after the company reported better-than-expected earnings results and a year-over-year jump in quarterly revenue.
ToughBuilt Industries said third-quarter revenue increased 76% year-over-year to $30.2 million. The company's strong top-line results were primarily driven by the expansion of existing customers and their recurring orders, launching more products in different categories and an increase in sales through Amazon.com Inc AMZN.
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ToughBuilt reported third-quarter earnings of 5 cents per share, which beat average analyst estimates for a loss of 6 cents per share.
"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," said Michael Panosian, CEO of ToughBuilt.
The company said it ended the quarter with $28.5 million in working capital.
ToughBuilt makes tools and other accessories for the professional and do-it-yourself construction industries.
TBLT Price Action: ToughBuilt has a 52-week high of $78.15 and a 52-week low of $1.34.
The stock was up 60% at $3.52 Monday afternoon, according to Benzinga Pro.
Photo: Anna from Pixabay.
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