ToughBuilt Industries, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 10:30 pm
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ToughBuilt Industries, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 30.25 million compared to USD 17.22 million a year ago. Net income was USD 8.01 million compared to net loss of USD 9.09 million a year ago. Basic earnings per share from continuing operations was USD 0.05 compared to basic loss per share from continuing operations of USD 11.18 a year ago. Diluted earnings per share from continuing operations was USD 0.03 compared to diluted loss per share from continuing operations of USD 11.18 a year ago.
For the nine months, revenue was USD 65.35 million compared to USD 45.35 million a year ago. Net loss was USD 16.23 million compared to USD 22.57 million a year ago. Basic loss per share from continuing operations was USD 5.42 compared to USD 37.36 a year ago. Diluted loss per share from continuing operations was USD 5.42 compared to USD 37.36 a year ago.
Toughbuilt Industries, Inc. is engaged in designing, manufacturing, and distributing tools and accessories to the building industry. The Company markets and distributes various home improvement and construction product lines for both Do-It-Yourself (DIY) and professional markets under the TOUGHBUILT brand name. Its business is based on development of products, primarily in tools and hardware category, with particular focus on building and construction industry. Its three categories contain a total of approximately 19 product lines, consists of soft goods, which includes kneepads, tool bags, pouches and tool belts; metal goods, which consists of sawhorses, tool stands and workbench; and utility products, which includes utility knives, aviation snips, shears, lasers and levels, tape measures and chalk reels, striking tools, garden and landscaping tools, and pliers and clamps. It also has various additional categories and product lines in various stages of development.