WHITE PLAINS, N.Y. - Turtle Beach (NASDAQ:HEAR) Corporation (NASDAQ:HEAR), known for its gaming headsets and accessories, announced today that John Hanson, the company's Chief Financial Officer and Treasurer, plans to retire. Hanson's career spans over 45 years in various financial leadership roles. Turtle Beach has engaged executive search firm Korn Ferry (NYSE:KFY) to find Hanson's replacement, considering both internal and external candidates.
Hanson will continue in his role until a new CFO is appointed and will then serve in an advisory capacity to ensure a smooth transition. During his 11 years with Turtle Beach, Hanson has been instrumental in the company's growth from a gaming audio business to a global provider of high-performance gaming accessories.
Cris Keirn, CEO of Turtle Beach, praised Hanson for his significant contributions and leadership, particularly during Keirn's transition to CEO. Hanson reflected on his tenure, noting the company's strong position highlighted by a 59% revenue growth in the second quarter and an upward revision of its Adjusted EBITDA guidance.
Turtle Beach, which recently acquired Performance Designed Products, is recognized for its innovation and customer support in the gaming accessory market. The company's forward-looking statements indicate confidence in its strategy for continued growth and profitability.
The information in this article is based on a press release statement from Turtle Beach Corporation.
In other recent news, Turtle Beach Corporation has announced a 9% year-over-year increase in revenue to $55.8 million in the first quarter of 2024, largely credited to its acquisition of PDP, a gaming peripherals manufacturer. The company's adjusted EBITDA also improved, turning positive at $1.4 million, a considerable change from the $2.8 million loss reported in the same period of the previous year. These recent developments suggest a positive trend in the company's financial health.
Turtle Beach is planning new product launches and expects to see continued growth in the gaming accessory market. The company's full-year revenue is projected to fall between $370 million and $380 million, with the pro forma combined adjusted EBITDA forecasted to range from $51 million to $54 million.
Despite expecting slightly lower Q2 gross margins due to increased promotions, the company remains optimistic. The PDP acquisition is anticipated to contribute positively to the adjusted EBITDA, and cost improvements have led to higher gross margins in Q1. As Turtle Beach continues to navigate the gaming accessories market, it's clear that the company's strategic initiatives, particularly the PDP acquisition, are driving its current momentum.
InvestingPro Insights
As Turtle Beach Corporation (NASDAQ:HEAR) navigates a period of transition with the retirement of CFO John Hanson, the market is keeping a close eye on the company's financial health and growth prospects. According to InvestingPro data, Turtle Beach currently holds a market capitalization of approximately $277.43 million. Despite facing challenges, the company has shown a revenue growth of 7.18% over the last twelve months as of Q1 2024, with a quarterly revenue growth of 8.56% in Q1 2024, reflecting its resilience and potential for expansion.
InvestingPro Tips suggest a mixed outlook. Analysts expect Turtle Beach's net income to grow this year, and sales are also anticipated to increase. However, it's worth noting that the stock has experienced significant volatility recently, with a 9.09% decline in the one-week total price return as of the date provided. This could indicate a period of market adjustment or investor uncertainty following the announcement of the CFO's retirement.
For investors considering Turtle Beach's stock, it's important to note that the company has not been profitable over the last twelve months, with a negative P/E ratio of -21.01. Yet, analysts predict the company will turn profitable this year. Additionally, Turtle Beach does not pay a dividend, which might influence investment decisions for those seeking regular income streams.
For those interested in further analysis and metrics, InvestingPro offers additional tips on Turtle Beach, providing a comprehensive understanding of the company's financial position and future prospects. To explore these insights, visit InvestingPro at https://www.investing.com/pro/HEAR.
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