Why Is ToughBuilt Industries (TBLT) Stock Up 65% Today?

ToughBuilt Industries (NASDAQ:TBLT) stock is rocketing higher on Tuesday following the release of the home improvement company’s Q4 2021 earnings report.

A man wearing dirty clothes with a tool belt around his waist representing TBLT stock.

Source: Cat Act Art / Shutterstock.com

The big news for TBLT stock today is the company’s record fourth-quarter revenue of $24.6 million. That matches what Wall Street was expecting for the period. It’s also a massive 105% year-over-year increase.

This also resulted in the company seeing full-year revenue of roughly $70 million, which matches analysts’ estimates. That’s a 77.6% jump compared to the previous year. This increase was caused by recurring orders from existing customers, as well as new customers and new product launches.

ToughBuilt Industries also reported earnings per share of -37 cents for the full year of 2021. That’s worse than the -19 cents per share that Wall Street was expecting. However, it’s a narrower loss than the -68 cents reported in the same period of the year prior.

Michael Panosian, CEO of ToughBuilt Industries, said this about the recent earnings results moving TBLT stock today.

“Our current product lines and our newly launched innovations continue to enjoy significant traction with our retailer partners and end users. In 2022, we expect to launch 5-10 new product lines and continue to expand our global distribution.”

Today’s earnings news has TBLT stock seeing heavy trading. As of this writing, more than 116 million shares of the stock have changed hands. That’s quite the jump from the roughly 4.4 million that trade on average daily.

TBLT stock is up 62.4% as of Tuesday morning but is still down 37.1% since the start of the year.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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