WOONSOCKET – Summer Infant Inc., known as SUMR Brands, earned a profit of $2.2 million in the third quarter ended Sept. 26, or $1.03 per diluted share, a turnaround from a $1.7 million loss, or 79 cents per diluted share. one year prior.
The company earned $1.7 million in the second quarter.
Sales totaled $40.7 million, a decline from $41.5 million in the third quarter of 2019.
The infant- and juvenile-product company said the increase in revenue reflects growth across some of the company’s segments, including gates, potties, bathers and playards, offset by lower international sales and the lingering impact of COVID-19 on certain brick and mortar retailers and product supply.
“After a very positive second quarter, we continued to strengthen the company and build a foundation for long-term success this period,” said Stuart Noyes, interim CEO. “Excluding one-time adjustments related to the Cares Act, we posted adjusted earnings of $0.86 per share and Adjusted EBITDA of $4.7 million despite a slight decline in third quarter revenue due to ongoing COVID-19 headwinds, a strategic move to direct import select products, and our international restructuring. We focused on mitigating the impact of the reinstatement of certain tariffs this quarter by actively managing costs, maintaining price discipline, and working to improve supply chain inefficiencies.”
