WESTPORT, Conn. (BRAIN) — Compass Diversified (CODI), the owner of Boa, Lizard Skins, PrimaLoft and other brands, had net sales of $542 million in its first quarter, up 6% from the same quarter last year.
The net sales increase in the quarter was primarily due to the inclusion of revenues from PrimaLoft, which it acquired in July 2022. On a pro forma basis, assuming CODI had acquired PrimaLoft on January 1, 2022, net sales were up 1% in the first quarter of 2023.
"The strength and durability of our diversified subsidiaries were especially apparent in the first quarter," said Elias Sabo, the CEO of Compass Diversified. "The fact that we were able to grow sales on a consolidated basis amidst the backdrop of broad and unique macroeconomic challenges is an extraordinary result for CODI. This certainly proves our thesis that our high-quality, premium brands can still take market share in difficult economic environments."
Net income in the quarter was $109.6 million versus $29.7 million last year, an increase primarily due to the $98.0 million sale of Advanced Circuits in February 2023.
CODI is the prior owner of Fox Factory (now an independent company) and CamelBak (now owned by Vista Outdoors).
