Third quarter sales at Lifetime Brands were up as company officials said the solid results were indicative of the strengths of the Lifetime-Filament Brands combination.
For the quarter ended September 30, consolidated net sales were $209.4 million, up from consolidated net sales of $166 million in the comparable quarter in 2017. Net income was $5.9 million, or $0.29 per diluted share, compared to net income of $4.3 million, or $0.37 per diluted share.
“These results were driven by the progress we have been achieving in integrating our two organizations and accelerating our portfolio realignment to create a more profitable business with enhanced focus on margin and growth,” said Rob Kay, Lifetime’s CEO.
Sales for the first nine months of the company’s fiscal year were $476.3 million, up from sales of $396.7 million for the first nine months of the prior fiscal year. Net loss for the first nine months was $11.7 million compared to a net income of $0.9 million covering the first nine months of 2017.
Kay noted that the company continues to monitor the tariffs imposed by the Trump administration on imports from China. He noted that the company is “well equipped” to mitigate the financial impacts of tariffs as the company prepared for the issue well in advance of their enactment.