Vista Outdoor Reports Record Fourth Quarter and Fiscal Year 2021 Operating Results

• Sales increased 37 percent to $403 million compared with the prior year quarter, primarily driven by strong demand for commercial ammunition and hunting and shooting accessories. The fourth quarter represented the first full quarter of ownership of the Remington acquisition of ammunition operations, brand and certain IP.

• Gross profit increased to $123 million, compared with $54 million in the prior year quarter. Gross margin improved to 31 percent, up from 18 percent compared with the prior year quarter, primarily driven by volume and pricing improvement, favorable mix and operating leverage.

• EBIT improved to $82 million, compared with $22 million in the prior year quarter.

Outdoor Products

• Sales increased 47 percent to $193 million compared with the prior year quarter, primarily due to strong consumer demand across all brands. 

• Gross profit increased 86 percent to $59 million, compared with the prior year quarter. Gross margin improved by 651 bps to 31 percent compared with the prior year quarter driven by operating leverage and growth in e-commerce channels, partially offset by increased distribution and freight costs.

• EBIT increased to $25 million, compared with $4 million in the prior year quarter.

Fiscal Year ended March 31, 2021

• Sales increased 27 percent to $2.23 billion compared with the prior fiscal year. Strong consumer demand across both segments drove record growth. 

• Gross profit rose 76 percent to $633 million from the prior fiscal year. Gross margin expanded 801 bps to 28 percent largely driven by volume, pricing improvement, and growth in e-commerce channels.

• Operating expenses declined to $360 million, compared with $491 million in the prior fiscal year. The decrease was primarily due to goodwill and indefinite lived intangibles asset impairment charges of $156 million recognized in the prior fiscal year. Adjusted operating expenses were $354 million compared with $314 million in the prior fiscal year.

• EBIT increased to $285 million, compared with $(132) million from the prior fiscal year. Adjusted EBIT was $280 million, compared with $46 million from the prior fiscal year.

• Interest expense was $26 million, compared with $39 million in the prior fiscal year. Adjusted interest expense was $24 million, down 30 percent, compared to $35 million in the prior fiscal year, due to an overall lower average interest rate and lower debt balance.

• EPS increased to $4.44, compared with $(2.68) in the prior fiscal year. Adjusted EPS was $3.66, compared with $0.24 in the prior fiscal year, due to higher sales, gross margin expansion, operating leverage and a lower tax rate, slightly offset by higher weighted average shares outstanding.

• Cash flow provided by operating activities was $345 million, compared to $77 million in the prior fiscal year. Free cash flow generation was $318 million, compared to $59 million in the prior fiscal year, due to overall improved cash management activities and net working capital efficiencies.

Fiscal Year ended March 31, 2021 Operating Segment Results

Shooting Sports

• Sales increased 28 percent to $1.52 billion compared with the prior fiscal year, primarily due to strong consumer demand as a result of the resurgence in outdoor recreation activities, demand for personal protection and higher sales in our e-commerce channels across all brands. The Remington and HEVI-Shot acquisitions during the fiscal year also contributed to higher sales growth.

• Gross profit increased to $427 million compared with $211 million in the prior fiscal year. Gross margin rose 1,037 bps to 28 percent primarily driven by volume, pricing improvement, mix and operating leverage, offset by increased commodity costs.

• EBIT increased to $279 million, compared with $80 million in the prior fiscal year. 

Outdoor Products

• Sales increased 25 percent to $707 million from the prior fiscal year primarily due to strong consumer demand as a result of the resurgence in outdoor recreation activities and higher sales in our e-commerce channels across all brands. Strong demand was somewhat offset by continued supply chain disruptions primarily related to our Hydration business unit.

• Gross profit improved by 38 percent to $207 million from the prior fiscal year. Gross margin increased by 289 bps to 29 percent compared with the prior fiscal year driven by volume, operating leverage, and growth in e-commerce channels. 

• EBIT improved to $82 million, compared with $30 million in the prior fiscal year.

The Company will provide additional information in its Form 10-K, which will be filed later this month. Please see the tables in the press release for a reconciliation of non-GAAP adjusted gross profit, operating profit, tax rate, earnings per share, and free cash flow to the comparable GAAP measures.

Outlook for First Quarter Fiscal Year 2022

"The strength of Vista Outdoor's brands, its innovative product offerings and e-commerce growth of 40 percent delivered strong sales growth in the fourth quarter, and the work done as part of our strategic transformation continued to deliver dramatically improved margins, enabling Vista Outdoor to drive more profit per dollar of sales than ever before," said Sudhanshu Priyadarshi, Chief Financial Officer of Vista Outdoor. "Our continued success has enabled us to accelerate the building of our innovation pipeline and brand leadership, invest in our centers of excellence and generate growth through thoughtful acquisitions. We will continue to be disciplined in our approach to valuation and target selection to ensure we deliver shareholder value through our M&A strategy. We are also pleased to announce that our Board of Directors has approved a two-year share repurchase program for up to $100 million of the Company's common stock, which adds another tool to our capital deployment toolkit that we expect to use primarily to offset dilution."

Vista Outdoor's Outlook for First Quarter Fiscal Year 2022, is as follows:

• Sales in a range of $600 million to $620 million, compared with $479 million in the prior year quarter.
• Earnings Per Share (EPS) in a range of $0.80 to $0.90, compared with $0.51 of adjusted EPS in the prior year quarter. 

Vista Outdoor is providing the following assumptions for full year Fiscal Year 2022:

• Tax rate is expected to be in the low 20 percent range
• Interest expense is expected to be in line with prior year adjusted interest expense
• Capital Expenditures are expected to be approximately 15 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 business operations, FY21 financial results, and an update on business outlook on May 6, 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 3276728.

Investor Day Information

Vista Outdoor will hold a virtual Investor Day on May 26, 2021 at 8:30 a.m. ET and will be accessible through live webcast. To register for and access the webcast and related presentation materials, please go to Vista Outdoor's website (www.vistaoutdoor.com). Choose "Investors" then "Events and Presentations." A replay of the webcast will be available for the following 12 months.

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 expense, transition costs, debt refinancing and extinguishment, release of tax valuation allowance, restructuring, restructuring and asset impairment costs, contingent consideration, debt issuance costs, executive transition, goodwill and intangibles impairment, loss on divestiture (Firearms), impairment of held-for-sale assets, 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 March 31, 2021
(in thousands)
	Gross Profit				Operating Expenses				Other Income / (Expense)				EBIT				Interest Expense				Taxes				Net Income				EPS
As reported	$	182,470			$	101,788			$	(6,471)			$	74,211			$	(7,822)			$	623			$	67,012			$	1.11
Inventory step-up expense	290				—				—				290				—				(69)				221				—
Transaction cost	—				708				—				(708)				—				170				(538)				(0.01)
Debt refinancing and extinguishment	—				—				6,471				6,471				1,364				(1,880)				5,955				0.10
Transition costs	—				(479)				—				479				—				(115)				364				0.01
Release of tax valuation allowance	—				—				—				—				—				(11,625)				(11,625)				(0.19)
As adjusted	$	182,760 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 02:00 - PR Newswire Bisichi Plc - Final Results 02:00 - PR Newswire Fidelity Special Values Plc - Half-year Report 25.04.24 - ARIVA.DE Redaktion Airbus-Aktie verliert 2,38 Prozent (158,30 €) Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59