Business
Smith & Wesson Brands, Inc. Reports First Quarter Fiscal 2022 Financial Results
- Record Gross Margin of 47.3% - Record Q1 Net Sales of $274.6M - Two-Year Compounded Sales Growth of Nearly 170% - EPS of $1.57/Share and EBITDAS of 39.9%
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"- Record Gross Margin of 47.3%\n - Record Q1 Net Sales of $274.6M\n - Two-Year Compounded Sales Growth of Nearly 170%\n - EPS of $1.57/Share and EBITDAS of 39.9%\n\n\nSPRINGFIELD, Mass., Sept. 1, 2021 /PRNewswire/ -- Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the first quarter of fiscal 2022, ended July 31, 2021. Unless otherwise indicated, any reference to income statement items refers to results from continuing operations. \n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal 2022 Financial Highlights\nNet sales were $274.6 million, an increase of $44.7 million, or 19.5%, over the comparable quarter last year. Gross margin was 47.3%, compared with gross margin of 40.2% for the comparable quarter last year. Quarterly GAAP net income was $76.9 million, or $1.57 per diluted share, compared with $43.3 million, or $0.77 per diluted share, for the comparable quarter last year. Quarterly non-GAAP net income was $77.1 million, or $1.57 per diluted share, compared with $46.8 million, or $0.83 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for income exclude costs related to the spin-off of the outdoor products and accessories business, COVID-19 related expenses, and other costs. For a detailed reconciliation, see the schedules that follow in this release. Quarterly non-GAAP Adjusted EBITDAS was $109.6 million, or 39.9% of net sales, compared with $72.5 million, or 31.5% of net sales, for the comparable quarter last year.Mark Smith, President and Chief Executive Officer, commented, \"Our flexible manufacturing model and strong consumer preference for our products at the retail counter combined to deliver the highest first quarter net revenue in the company's history, marking the fifth consecutive quarter of top line records. Even more remarkable, our team has been able to deliver nearly 170% two-year compounded growth, significantly outpacing the competition, while simultaneously lowering operating costs over this same timeframe. This is a direct result of significant strides the team has made in executing our strategy to streamline business operations and increase flexibility, and has driven an incredible EBITDAS margin of nearly 40% in the quarter. But more importantly, we believe we are well p...