WHITE PLAINS, N.Y. - Turtle Beach (NASDAQ:HEAR) Corporation (NASDAQ:HEAR), a prominent gaming accessories provider, has announced the availability of its latest gaming accessories at Best Buy (NYSE:BBY) Canada, and plans to expand its product offerings in Latin America, including Mexico, Colombia, and Chile. The company, recognized for its gaming headsets and accessories, is broadening its international market reach with a variety of new products from both Turtle Beach and Performance Designed Products LLC (PDP), which it acquired earlier in 2024.
In Canada, the company's Stealth™ 700, 600, and 500 wireless multiplatform headsets, Atlas (NYSE:ATCO) Air™ wireless PC headset, Vulcan II TKL Pro PC gaming keyboard, and Burst™ II Air PC gaming mouse are now available. These products have received high review scores and accolades from Canadian publications such as CGMag and CoG Connected, indicating a positive reception among the gaming community.
Turtle Beach's expansion in Latin America includes the introduction of the latest Stealth wireless headsets and wired Recon 70 models, as well as premium wireless Stealth Ultra controllers. The PDP brand will also offer officially licensed REMATCH GLOW and Afterglow Wave controllers in these markets. The new accessories have launched in Colombia at retailers like Alkosto and Ktronix, and will be available in Mexico starting October 24, 2024, at major retailers including Elektra and Amazon (NASDAQ:AMZN).
Following these launches, Turtle Beach will debut its gaming accessories in Chile on November 7, 2024, with products available at retailers such as Paris and Falabella. The company's CEO, Cris Keirn, expressed excitement over the expansion, anticipating that it will strengthen Turtle Beach's market share in Canada and continue to grow its presence in Latin America.
This strategic move is expected to enhance Turtle Beach's global footprint and cater to the increasing demand for gaming accessories in these regions. The information for this article is based on a press release statement from Turtle Beach Corporation.
In other recent news, Turtle Beach Corporation reported a strong second quarter, with revenues and AEBITDA figures surpassing expectations. The firm attributes this performance to reduced costs, an expanded product line, and improved gross margins. The company's CFO, John Hanson, announced his intention to retire, with a search underway for his successor. Hanson will continue in his role until a replacement is found.
Turtle Beach also announced the appointment of Libby Bush, Global Head of Media & Entertainment Partnerships at Creative Artists Agency, as a new independent director on its board. The company has shown steady growth, particularly with a 9% year-over-year increase in revenue to $55.8 million in the first quarter of 2024, largely attributed to its acquisition of PDP.
Analysts from Roth/MKM have expressed confidence in Turtle Beach's financial health, raising the stock price target to $26 from $25. 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. These are the recent developments in the company's performance and operations.
InvestingPro Insights
Turtle Beach Corporation's (NASDAQ:HEAR) international expansion strategy aligns well with its recent financial performance and market position. According to InvestingPro data, the company has shown impressive revenue growth, with a 59.39% increase in quarterly revenue as of Q2 2024. This robust growth trajectory supports the company's ambitious plans to enter new markets in Canada and Latin America.
InvestingPro Tips highlight that analysts anticipate sales growth in the current year, which could be further bolstered by these new market entries. The company's stock has also demonstrated strong performance, with a remarkable 72.52% price total return over the past year, indicating investor confidence in Turtle Beach's growth strategy.
While the company has faced profitability challenges, with a negative EPS of -$0.13 over the last twelve months, InvestingPro Tips suggest that analysts predict the company will be profitable this year. This potential turnaround in profitability could be partly attributed to the expanded market reach and new product launches described in the article.
It's worth noting that InvestingPro offers 11 additional tips for Turtle Beach Corporation, providing investors with a more comprehensive analysis of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.