Cadre Holdings, Inc. (NYSE: CDRE), a global leader in safety equipment manufacturing and distribution for law enforcement, first responders, military, and nuclear markets, reported its Q3 and nine-month financial results for 2024.
For Q3, Cadre posted net sales of $109.4 million, with a year-to-date total of $391.6 million. Gross profit margin was 36.6% for the quarter and 39.9% for the nine months. Net income for Q3 was $3.7 million ($0.09 per share), while the nine-month net income reached $23.2 million ($0.58 per share). Adjusted EBITDA was $13.5 million for Q3 and $66.3 million year-to-date, with respective margins of 12.4% and 16.9%.
A cybersecurity incident in July and another in September 2024 impacted production and order fulfillment, leading to temporary disruptions and contributing to a Q3 sales decline compared to 2023. Despite these challenges, CEO Warren Kanders highlighted the strong demand for Cadre’s products and emphasized the company’s resilience and long-term growth potential. Cadre also announced a quarterly dividend of $0.0875 per share.
For 2024, Cadre expects net sales between $560 million and $571 million and Adjusted EBITDA between $101 million and $107 million. The company continues to implement cybersecurity enhancements to protect its infrastructure following recent incidents.
Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety products. Cadre’s equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company’s core products include body armor, explosive ordnance disposal equipment, duty gear and nuclear safety products. Our highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians.
