Cricut Q3 revenue rises on products, international growth

Cricut

Tue 21:17

Overview
Creative technology platform's Q3 revenue rose 11% yr/yr, net income up 36%
International revenue accounted for 28% of total, up from 24% a year ago
Company declared $0.10 semi-annual and $0.70 special dividend, continued share repurchases

Outlook
Company did not provide specific financial guidance for the current quarter or full year in its press release

Result Drivers
PRODUCTS GROWTH - Co said 17% yr/yr increase in products revenue drove overall revenue growth
PRODUCT LAUNCHES - Maker 5 and StickerPix launches expanded Cricut's connected ecosystem and supported growth
INTERNATIONAL EXPANSION - International revenue increased 30% yr/yr and made up a larger share of total revenue

Company press release: ID:nGNX6HkmDB

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$188.62 mln
$173.16 mln (2 Analysts)
Q3 Net Income
 
$27.84 mln
 
Q3 Basic EPS
 
$0.13
 
Q3 Gross Profit
 
$108.88 mln
 
Q3 Income From Operations
 
$33.89 mln
 
Q3 Pretax Profit
 
$36.37 mln
 

Analyst Coverage
The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", no "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the integrated hardware & software peer group is "hold."
Wall Street's median 12-month price target for Cricut, Inc. is $4.00, about 33.8% below its November 2 closing price of $6.04
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 24 three months ago

Reuters Recommended Reads
Nov 3 - Cinemark posts record Q3 revenue, net income up 146%
Nov 3 - Chegg Q3 revenue falls as legacy business declines

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)