Cricut reports Q3 diluted EPS 5c, consensus 5c

Reports Q3 revenue $167.9M, consensus $171.19M. “We are pleased with the increase in paid subscribers in Q3 up 5% year-over-year to over 2.8M, which exceeded our expectations,” said Ashish Arora, CEO of Cricut (CRCT). “We remain profitable and continue to expect incremental operating margin improvement for the full year even as we continue to manage the business for the long term. In Q3 2024, we generated $70M in cash from operations, ended the quarter with $247M in cash and cash equivalents and marketable securities, and we remain debt free. During Q3, we used $10.3M of cash to repurchase 1.8M shares of our stock, resulting in $30.8M remaining on our $50M authorized stock repurchase program. In July, we paid approximately $108M in dividends for the special one-time dividend of 40c per share, plus our first recurring semi-annual dividend of 10c per share,” said Kimball Shill, CFO of Cricut. “We are pleased to announce The board authorized our second recurring semi-annual dividend of 10c per share for shareholders of record on January 7, 2025, payable on January 21, 2025. We remain committed to our long-term operating margin targets of 15-19%. Our proven model has demonstrated that when we operate at scale and drive top line growth, these margins are achievable.”