Vista Outdoor Announces Record FY22 First Quarter Financial Results

• Sales rose 39 percent to $463 million, driven by 39 percent growth in ammunition and 37 percent growth in our hunting and shooting category. 
• Gross profit increased 115 percent to $181 million. Margin acceleration was the result of operating leverage, mix, and price.
• EBIT increased 160 percent to $142 million. EBIT Margin improved by 1426 bps to 31 percent from 16 percent. 

Outdoor Products  

• Sales were up 38 percent to $200 million, driven by strong double-digit growth across all categories.
• Gross profit increased 48 percent to $61 million, due to higher volume and higher margin product mix, partially offset by higher logistics costs. Gross profit margin was 30.3%, up 212 bps.
• EBIT increased 125 percent to $26 million. EBIT Margin improved by 505 bps to 13 percent from 8 percent. 

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 2022 Second Quarter

"Our first quarter results exceeded our expectations in terms of sales and profit growth across both segments," said Sudhanshu Priyadarshi, Chief Financial Officer of Vista Outdoor. "Sales increased 38 percent and we drove record profitability in the first quarter with adjusted EBITDA margins of 24.4 percent. As part of our disciplined capital allocation strategy, we repurchased 1.2 million shares. With strong performance and a low leverage ratio of 0.7 times, we have significant financial flexibility to continue to invest in the future growth of our brands and make strategic acquisitions in the outdoor space. 

"Vista Outdoor is well positioned to enhance stakeholder value. Our financial strength, portfolio of leading brands, and favorable consumer trends position Vista Outdoor incredibly well for the long term," concluded Priyadarshi.

Based on results to date and the current market environment, Vista Outdoor's outlook for second quarter Fiscal Year 2022 is as follows, which includes the recent acquisitions of QuietKat and Venor as well as HEVI-Shot and Remington:

• Sales in a range of $710 million to $730 million, compared with $575 million in the prior year quarter.
• Earnings per Share in a range of $1.70 to $1.80, compared with $1.10 of adjusted EPS in the prior year quarter.

Vista Outdoor is updating the following assumptions for Fiscal Year 2022 on a full-year basis:

• Tax rate is expected to be in the mid 20 percent range
• Interest expense is expected to be in line with prior year adjusted interest expense
• Capital expenditures are expected to be approximately 30 percent  higher than FY21
• R&D expenses are expected to be approximately 25 percent higher than FY21

Earnings Conference Call Webcast Information

Vista Outdoor will hold an investor conference call to discuss its first quarter FY22 financial results and outlook on July 29, 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 8590251.

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 earnings before interest and tax (EBIT), adjusted taxes, adjusted net income, and adjusted fully diluted earnings per share (EPS). Vista Outdoor defines these measures as, gross profit, operating expenses, EBIT, taxes, net income, and EPS excluding, where applicable, the impact of costs incurred for inventory step-up expense, transaction costs, transition costs, post-acquisition compensation, and tax valuation allowance. Vista Outdoor management is presenting these measures so a reader may compare gross profit, operating expenses, EBIT, 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 June 27, 2021
(in thousands)
						Gross Profit				Operating Expenses				EBIT				Taxes				Net Income				EPS
As reported						$	241,427			$	97,771			$	143,656			$	(35,253)			$	102,725			$	1.71
Inventory step-up expense						384				—				384				(96)				288				—
Transaction cost						—				(949)				949				(61)				888				0.01
Transition costs						—				(99)				99				(25)				74				—
Post-acquisition compensation						—				(546)				546				—				546				0.01
As adjusted						$	241,811			$	96,177			$	145,634			$	(35,435)			$	104,521			$	1.74
Three months ended June 28, 2020
(in thousands)
						Gross Profit				Operating Expenses				EBIT				Taxes				Net Income				EPS
As reported						$	125,368			$	77,325			$	48,043			$	(1,149) Werbung Mehr Nachrichten zur Vista Outdoor Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 15.04.24 - PR Newswire BlackRock Energy and Resources Income Trust Plc - Transaction in Own Shares 15.04.24 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares