DMC Global Inc. (NASDAQ:BOOM) Q3 2022 Earnings Conference Call November 3, 2022 5:00 PM ET
Company Participants
Geoff High - Vice President, Investor Relations
Kevin Longe - President & Chief Executive Officer
Mike Kuta - Chief Financial Officer
Conference Call Participants
Cameron Lochridge - Stephens
Ken Newman - KeyBanc Capital Markets
Alec Scheibelhoffer - Stifel
Samir Patel - Askeladden
Ken Newman - KeyBanc Capital Markets
Operator
Good afternoon, ladies and gentlemen, and welcome to the DMC Global Third Quarter Earnings Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions-and-comments after the presentation.
It is now my pleasure to turn the floor over to your host, Geoff High, Vice President of Investor Relations. Sir, the floor is yours.
Geoff High
Hello, and welcome to DMC's third quarter conference call. Presenting today are President and CEO, Kevin Longe; and CFO, Mike Kuta.
I'd like to remind everyone that matters discussed during this call may include forward-looking statements that are based on our estimates, projections and assumptions as of today's date, and are subject to risks and uncertainties that are disclosed in our filings with the SEC. Our business is subject to certain risks that could cause actual results to differ materially from those anticipated in our forward-looking statements. DMC assumes no obligation to update forward-looking statements that become untrue because of subsequent events.
A webcast replay of today's call will be available at dmcglobal.com after the call. In addition, a telephone replay will be available approximately two hours after the call. Details for listening to the replay are available in today's news release.
And with that, I'll turn the call over to Kevin Longe. Kevin?
Kevin Longe
Good afternoon, and thank you for joining us for a review of DMC's third quarter financial results. Our third quarter sales and profitability were above our guidance, reflecting continued strong demand within the end markets served by our three asset-light manufacturing businesses.
Consolidated third quarter sales were a record $174.5 million, which were up 5% from the second quarter and up 160% from the third quarter last year. Excluding $80.7 million in revenues from Arcadia in which we acquired a 60% controlling interest last December, third quarter sales increased 5% sequentially and 40% versus the third quarter of 2021.
The growth reflects stronger sales at DynaEnergetics our energy products business, which is benefiting from healthy activity in the global well completion industry. DynaEnergetics third quarter sales were $70.4 million, up 4% sequentially and up 59% versus last year's third quarter. The safety performance and efficiency of DynaEnergetics fully integrated DS perforating systems continues to drive increased adoption by North America's exploration and production companies and service providers.