Lifetime Brands (LCUT) Q3 2021 Earnings Call Transcript

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Lifetime Brands (NASDAQ:LCUT)
Q3 2021 Earnings Call
Nov 04, 2021, 11:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, and welcome to the Lifetime Brands third quarter 2021 earnings conference call and webcast. [Operator Instructions] I’d now like to introduce your host for today’s conference, Andrew Squire. Mr. Squire, you may begin.

Andrew Squire — Head, Investor Relations

Thank you. Good morning, and thank you for joining Lifetime Brands third quarter 2021 earnings call. With us today from management are Rob Kay, chief executive officer, and Larry Winoker, chief financial officer. Before we begin the call, I’d like to remind you that our remarks this morning may contain forward-looking statements that relate to the future performance of the company.

And these statements are intended to qualify for the safe harbor protection from liability established by the Private Securities Litigation Reform Act. Any such statements are not guarantees of future performance. And factors that could influence our results are highlighted in today’s press release and others are contained in our filings with the Securities and Exchange Commission. Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments.

Except as required by law, the company does not undertake any obligation to update such statements. Our remarks this morning and today’s press release also contain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in such release is a reconciliation of these non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP. With that introduction, I’d like to turn the call over to Rob Kay.

Please go ahead, Rob.

Rob Kay — Chief Executive Officer

Thank you. Good morning, everyone, and thank you for joining us today to discuss Lifetime Brands third quarter 2021 financial results. On today’s call, I’d like to cover our third quarter financial results and also discuss our revised long-term financial objectives, which we disclosed in this morning’s press release and have posted in detail on our corporate investor relations site. Beginning with our results.

We are pleased with our strong performance in the third quarter, which marks another quarter of growth. We continue to see robust demand for our products across categories. Our growth has been achieved as a result of the Lifetime 2.0 strategy we implemented over the past two-plus years to create top line growth and improve profitability. Further, the mitigating actions we have taken to offset inflationary and supply chain disruption also contributed to our results.

Our trailing 12-month adjusted EBITDA increased by more than 25% compared to the end of 2020 and even greater…