Business
Smith & Wesson Brands, Inc. Reports First Quarter Fiscal 2023 Financial Results
Q1 Net Sales of $84.4 MillionQ1 Gross Margin of 37.3%; Non-GAAP Gross Profit of 38.8%Q1 EPS of $0.07/Share; Q1 Adjusted EBITDAS Margin of 18.5%$110.5 Million
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"Q1 Net Sales of $84.4 MillionQ1 Gross Margin of 37.3%; Non-GAAP Gross Profit of 38.8%Q1 EPS of $0.07/Share; Q1 Adjusted EBITDAS Margin of 18.5%$110.5 Million of Cash on HandSPRINGFIELD, Mass., Sept. 8, 2022 /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 fiscal year 2023, ended July 31, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal 2023 Financial Highlights\nNet sales were $84.4 million, a decrease of $190.2 million, or 69.3%, from the comparable quarter last year, and $11.0 million, or 11.6%, lower than the comparable quarter in fiscal 2020.Gross margin was 37.3% compared with 47.3% in the comparable quarter last year and 37.3% in the comparable quarter in fiscal 2020. Excluding relocation costs, gross margin would have been 38.8%.GAAP net income was $3.3 million, or $0.07 per diluted share, compared with $76.9 million, or $1.57 per diluted share, for the comparable quarter last year, and with $2.2 million, or $0.04 per diluted share, for the comparable quarter in fiscal 2020.Non-GAAP net income was $5.1 million, or $0.11 per diluted share, compared with $77.1 million, or $1.57 per diluted share, for the comparable quarter last year, and with $2.2 million, or $0.04 per diluted share, for the comparable quarter in fiscal 2020. GAAP to non-GAAP adjustments for income exclude costs related to the planned relocation of our headquarters and certain manufacturing and distribution operations to Tennessee, the spin-off of the outdoor products and accessories business in fiscal 2021, COVID-19 related expenses, and other costs. For a detailed reconciliation, see the schedules that follow in this release.Non-GAAP Adjusted EBITDAS was $15.7 million, or 18.5% of net sales, compared with $109.6 million, or 39.9% of net sales, for the comparable quarter last year, and with $17.3 million, or 18.2% of net sales, for the comparable quarter in fiscal 2020.Mark Smith, President and Chief Executive Officer, commented, \"As expected, our first quarter results reflected a return to a normal demand pattern at the retail counter for firearms combined with temporary headwinds from inventory corrections within the channel. Despite a challenging quarter from a top-line perspective, the team delivered impressive ...