On Holding Q2 Profit Surges; Raises FY22 Outlook

On Holding AG (ONON), a Swiss maker and distributer of sports products, on Tuesday reported its its second-quarter earnings that more than doubled, reflecting a rise in sales. Consequently, the company increased its sales and earnings outlook for the full year.

Sales for the quarter were driven by strong wholesale growth of 70.1 percent, and DTC growth of 60.8 percent, as well as continued exceptional momentum and demand in the company's North America region, growing at 102.5 percent.

In addition, for the fiscal 2022, the company has raised its sales and adjusted EBITDA outlook.

For the quarter ended in June, the Zurich-headquartered firm reported a pre-tax income of CHF 58.19 million, compared with CHF 21.98 million a year ago.

Net income was at CHF 49.14 million or CHF 0.15 per Class A share, higher than CHF14.21 million or CHF 0.05 per Class A share of previous year quarter.

Adjusted income for Class A shares reported at CHF 39.91 million or CHF 0.14 per share, compared with CHF 12.63 million or CHF 0.05 per share, reported for the same three-month period of previous fiscal.

Operating result stood at CHF 26.34 million, compared with CHF 23.38 million, registered for the June quarter of 2021.

Adjusted EBITDA for the period was at CHF31.42 million, higher than previous year's CHF27.39 million.

Net sales moved up to CHF 291.66 million, from CHF 175.06 million, during the corresponding period of previous year.

Citing successful first half year of 2022, the company raised its guidance for the full year.

For the year, On Holding now expects net sales to reach CHF 1.1 billion, versus its previous outlook for over CHF 1.04 billion. Adjusted EBITDA is now seen at CHF 145 million, higher than its previous projection of CHF 137 million.

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