The earnings call reflected strong financial performance with significant revenue growth and profitability improvements driven by strategic acquisitions and product innovation. Despite higher operating expenses and inventory levels, the successful integration of PDP and increased market share position Turtle Beach well for future growth. The company is also preparing for increased promotional spending during the holiday season.

Company Guidance

During the Turtle Beach Corporation's third quarter 2024 earnings call, the company reported significant financial growth and provided updated guidance for the year. Turtle Beach's revenue for the quarter reached $94.4 million, a 60% increase compared to the previous year, driven by strong sales in gaming accessories and the integration of PDP. Excluding PDP contributions, revenue still grew by 15%. The company achieved an adjusted EBITDA of $16.3 million, a substantial improvement from $1 million in the same period last year, and raised its full-year adjusted EBITDA guidance to a range of $55 million to $58 million. Gross margin also improved to 36.2%, up 630 basis points year-over-year. Turtle Beach anticipates annual synergies from the PDP acquisition to exceed $13 million, up from the initial $10 million to $12 million estimate. The company maintained its full-year revenue guidance of $370 million to $380 million, reflecting 45% growth at the midpoint compared to 2023. Additionally, Turtle Beach continued its share repurchase program, buying back approximately $10.1 million of stock during the quarter.

Record Revenue Growth

Turtle Beach reported third quarter revenue of $94.4 million, marking a 60% increase compared to the same quarter last year. Excluding PDP contributions, revenues were up 15%.

Improved Profitability

Adjusted EBITDA for the quarter was $16.3 million, significantly improving from $1 million in the same period last year. This was driven by higher revenues and greater cost efficiencies.

Gross Margin Expansion

Gross margin for the third quarter was 36.2%, a 630 basis point improvement from last year. Excluding certain charges, the margin would have been 38.3%.

Successful PDP Integration

The integration of PDP is ahead of schedule, with anticipated annual synergies now exceeding $13 million, surpassing original estimates.

Increased Market Share

Turtle Beach's gaming headsets revenue share increased by 108 basis points in Q3. The company also saw a 37.9% increase in retail sales in the controllers and game pads category.

Strategic Share Repurchases

The company repurchased approximately $10.1 million of its stock in Q3, bringing year-to-date repurchases to about $25.3 million.

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Turtle Beach (HEAR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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HEAR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 12, 2025	2024 (Q4)	1.12 / -	0.502	―	―	―
Nov 07, 2024	2024 (Q3)	0.14 / 0.37	-0.146	351.37% (+0.51)
Aug 08, 2024	2024 (Q2)	-0.30 / -0.35	-0.41	14.63% (+0.06)
May 07, 2024	2024 (Q1)	-0.22 / 0.01	-0.27	103.70% (+0.28)
Mar 13, 2024	2023 (Q4)	0.60 / 0.50	0.1	402.00% (+0.40)
Nov 07, 2023	2023 (Q3)	-0.24 / -0.15	-0.47	68.94% (+0.32)
Aug 07, 2023	2023 (Q2)	-0.34 / -0.41	-0.77	46.75% (+0.36)
May 04, 2023	2023 (Q1)	-0.41 / -0.27	-0.39	30.77% (+0.12)
Mar 13, 2023	2022 (Q4)	0.21 / 0.10	0.16	-37.50% (-0.06)
Nov 03, 2022	2022 (Q3)	-0.49 / -0.47	0.26	-280.77% (-0.73)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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HEAR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 07, 2024	$16.15	$17.11	+5.94%
Aug 08, 2024	$12.82	$14.77	+15.21%
May 07, 2024	$14.71	$15.47	+5.17%
Mar 13, 2024	$11.03	$13.95	+26.47%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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