PR Newswire
ANOKA, Minn., Nov. 2, 2022
ANOKA, Minn., Nov. 2, 2022 /PRNewswire/ -- Vista Outdoor Inc. (NYSE: VSTO), the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor lifestyle products to consumers around the globe, today reported financial results for the second quarter of Fiscal Year 2023 (FY23), which ended on September 25, 2022.
"We continue to operate in a challenging global macroeconomic and geopolitical environment that has negatively impacted demand for our products and driven significantly higher costs over the last year. However, despite these headwinds, we posted another strong quarter with an increase in sales and continued strong profitability. Our free cash flow also increased over 80% to nearly $200 million in the first half of this fiscal year," said Chris Metz, Chief Executive Officer. "At Vista Outdoor, we have a great team that knows how to win. We are managing our inventory, controlling costs and optimizing our product offerings across our brand portfolio. We have strong brands that are market share leaders in their respective categories. We also have a strong balance sheet and a solid financial foundation that allows us to continue to invest in our brands throughout the economic cycle. Our business is healthier and more profitable than it has ever been, thanks to our continued focus on executing our long-term strategy. I am confident that we will be able to successfully navigate through this challenging economic period and continue to thrive in the future."
For the three months ended September 25, 2022 versus the three months ended September 26, 2021:
For the three months ended September 25, 2022 segment results versus the three months ended September 26, 2021:
Sporting Products
Outdoor Products
Please see the tables in the press release for a reconciliation of non-GAAP operating expense, EBIT, EBITDA, taxes, net income, earnings per share, free cash flow and EBITDA margins to the comparable GAAP measures.
Outlook for Fiscal Year 2023
"Our second quarter results illustrate the strength of our brands and our continued disciplined execution in a challenging external environment which has impacted demand and input costs across our business units," said Sudhanshu Priyadarshi, Chief Financial Officer of Vista Outdoor. "That said, we continue to operate with prudent financial discipline. We are generating strong free cash flow and have a net debt leverage ratio within our targeted range of one to two times. Our sales and profitability are driven by a diverse portfolio and a nimble operational structure that we expect will enable us to perform at higher levels than prior to the pandemic. In addition, we are making good progress on our separation, which we announced in May, and are currently on track to spin-off our Outdoor Products segment in calendar 2023."
Vista Outdoor is updating its outlook for Fiscal Year 2023 to reflect year-to-date performance and continued challenges in the current global macroeconomic environment. The updated fiscal outlook is as follows:
Earnings Conference Call Webcast Information
Vista Outdoor will hold an investor conference call to discuss its second quarter FY23 financial results and outlook on November 3, 2022, at 9:00 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 until December 1, 2022. The telephone number is 866-813-9403, and the confirmation code is 713731.
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 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, EBIT, interest, taxes, net income, and EPS excluding, where applicable, the impact of costs incurred for inventory step-up, transaction and transition costs, planned separation costs, post-acquisition compensation, contingent consideration, and debt issuance costs. Vista Outdoor management is presenting these measures so a reader may compare gross profit, operating expenses, EBIT, interest, 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 September 25, 2022 | | | | | | | | | | | | | | | |
(in thousands) | | | | | | | | | | | | | | | |
| | Gross | | Operating | | EBIT | | Interest | | Taxes | | Net | | EPS | |
As reported | | $ 262,874 | | $ 131,707 | | $ 131,908 | | $ (13,934) | | $ (24,519) | | $ 93,455 | | $ 1.62 | |
Inventory step-up | | 3,036 | | — | | 3,036 | | — | | (759) | | 2,277 | | 0.04 | |
Transaction costs | | — | | (5,779) | | 5,779 | | — | | (951) | | 4,828 | | 0.08 | |
Transition costs | | — | | (400) | | 400 | | — | | (100) | | 300 | | 0.01 | |
Planned separation costs | | — | | (7,687) | | 7,687 | | — | | (1,922) | | 5,765 | | 0.10 | |
Post-acquisition compensation | | — | | (3,269) | | 3,269 | | — | | (487) | | 2,782 | | 0.05 | |
Contingent consideration | | — | | 11,313 | | (11,313) | | — | | — | | (11,313) | | (0.20) | |
Debt issuance | | — | | — | | — | | 785 | | (196) | | 589 | | 0.01 | |
As adjusted | | $ 265,910 | | $ 125,885 | | $ 140,766 | | $ (13,149) | | $ (28,934) | | $ 98,683 | | $ 1.71 | |
| | | | | | | | | | | | | | | |
Three months ended September 26, 2021 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. |