PR Newswire
ANOKA, Minn., Feb. 4, 2021
ANOKA, Minn., Feb. 4, 2021 /PRNewswire/ -- Vista Outdoor Inc. (NYSE: VSTO), a leading global designer, manufacturer and marketer of products in the outdoor sports and recreation markets, today reported operating results for the third quarter of its Fiscal Year 2021 (FY21), which ended on December 27, 2020.
"Continued strength in outdoor recreation markets, combined with our ongoing focus on execution excellence, resulted in strong top and bottom-line growth across the entire company," said Vista Outdoor Chief Executive Officer Chris Metz. "Strong outdoor participation trends that began in the early days of COVID lockdowns have continued into calendar 2021 and do not appear to be slowing down. Our integration of the Remington brand is ahead of schedule and delivered better than expected performance in the quarter. This week we successfully completed a tuck-in acquisition of Hevi-Shot Ammunition, which will immediately add a high-end offering, specialized lead-free ammunition capabilities and another iconic brand to our ammunition portfolio. Looking ahead, our focus will remain on employee safety, compliance with COVID protocols and doing our part to fulfill our critical duties and outfitting our consumers for their next adventure."
For the third quarter ended December 27, 2020:
For the third quarter ended December 27, 2020 Operating Segment Results:
Shooting Sports
Outdoor Products
Please see the tables in the press release for a reconciliation of non-GAAP adjusted gross profit, EBIT, taxes, earnings per share, and free cash flow to the comparable GAAP measures.
Outlook for Fiscal Year 2021 Fourth Quarter
"The growth of our free cash flow fuels our ability to accelerate our innovation pipeline and brand leadership, invest in our centers of excellence and generate growth through thoughtful, aligned tuck-in acquisitions," said Sudhanshu Priyadarshi, Chief Financial Officer of Vista Outdoor. "We believe this approach strikes the right balance between profitable growth and fiscal discipline. Further, we intend to maintain a long term 1-2 times leverage ratio."
Based on results to date, the current market environment and typical seasonality, Vista Outdoor's outlook for fourth quarter Fiscal Year 2021, which includes Remington and Hevi-Shot, is as follows:
FY21 guidance does not include the impact of any additional future strategic acquisitions, divestitures, investments, business combinations or other significant transactions.
Earnings Conference Call Webcast Information
Vista Outdoor will hold an investor conference call to discuss its third quarter FY21 financial results on February 4, 2021, at 9 a.m. ET. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast and view and/or download the earnings press release, including a reconciliation of non-GAAP financial measures, and the related earnings release presentation slides, which will also include detailed segment information, via Vista Outdoor's website (www.vistaoutdoor.com). Choose "Investors" then "Events and Presentations". For those who cannot participate in the live webcast, a telephone recording of the conference call will be available for one month after the call. The telephone number is 719-457-0820, and the confirmation code is 6195050.
Reconciliation of Non-GAAP Financial Measures
In addition to the results prepared in accordance with GAAP, we are providing the information below on a non-GAAP basis, including adjusted gross profit, adjusted operating expenses, adjusted other income (expense), adjusted earnings before interest and tax (EBIT), adjusted interest expense, adjusted taxes, adjusted net income, and adjusted fully diluted earnings per share (EPS). Vista Outdoor defines these measures as, gross profit, operating expenses, other income (expense), EBIT, interest expense, taxes, net income, and EPS excluding, where applicable, the impact of costs incurred for transaction costs, gain on sale of business, inventory step-up amortization, transition costs, release of tax valuation allowance, restructuring and asset impairment costs, debt issuance costs, and tax valuation allowance. Vista Outdoor management is presenting these measures so a reader may compare gross profit, operating expenses, other income (expense), EBIT, interest expense, taxes, net income, and EPS excluding these items, as the measures provide investors with an important perspective on the operating results of the company. Vista Outdoor management uses this measurement internally to assess business performance, and Vista Outdoor's definition may differ from those used by other companies.
Three months ended December 27, 2020 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
| | Gross | | Operating | | Other | | EBIT | | Interest | | Taxes | | Net Income | | EPS | | ||||||||||||||||
As reported | | $ | 163,232 | | | $ | 94,251 | | | $ | 18,467 | | | $ | 87,448 | | | $ | (5,619) | | | $ | (2,950) | | | $ | 78,879 | | | $ | 1.31 | | |
Inventory step-up expense | | 400 | | | — | | | — | | | 400 | | | — | | | (96) | | | 304 | | | 0.01 | | | ||||||||
Transaction cost | | — | | | (3,309) | | | — | | | 3,309 | | | — | | | (794) | | | 2,515 | | | 0.04 | | | ||||||||
Transition costs | | — | | | (640) | | | — | | | 640 | | | — | | | (154) | | | 486 | | | 0.01 | | | ||||||||
Gain on sale of business | | — | | | — | | | (18,467) | | | (18,467) | | | — | | | 4,432 | | | (14,035) | | | (0.23) | | | ||||||||
Release of tax valuation allowance | | — | | | — | | | — | | | — | | | — | | | (6,016) | | | (6,016) | | | (0.10) | | | ||||||||
As adjusted | | $ | 163,632 | | | $ | 90,302 | | | $ | — | | | $ | 73,330 Werbung Mehr Nachrichten zur Vista Outdoor Inc Aktie kostenlos abonnieren
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