Business
Smith & Wesson Brands, Inc. Reports First Quarter Fiscal 2024 Financial Results
-Q1 Net Sales of $114.2 Million -Q1 Gross Margin of 26.6%; Non-GAAP Gross Margin of 27.4% -Q1 EPS of $0.07/Share; Q1 Adjusted EPS of $0.13/Share -Q1 Adjusted
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"-Q1 Net Sales of $114.2 Million\n-Q1 Gross Margin of 26.6%; Non-GAAP Gross Margin of 27.4%\n-Q1 EPS of $0.07/Share; Q1 Adjusted EPS of $0.13/Share\n-Q1 Adjusted EBITDAS Margin of 15.3%\nSpringfield, Massachusetts--(Newsfile Corp. - September 7, 2023) - Smith & Wesson Brands, Inc. (NASDAQ: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the first quarter fiscal year 2024, ended July 31, 2023.\nFirst Quarter Fiscal 2024 Financial Highlights\n\nNet sales were $114.2 million, an increase of $29.8 million, or 35.4%, over the comparable quarter last year.\n\nGross margin was 26.6% compared with 37.3% in the comparable quarter last year.\n\nGAAP net income was $3.1 million, or $0.07 per diluted share, compared with $3.3 million, or $0.07 per diluted share, for the comparable quarter last year.\n\nNon-GAAP net income was $6.1 million, or $0.13 per diluted share, compared with $5.1 million, or $0.11 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for income exclude costs related to the relocation and other costs. For a detailed reconciliation, see the schedules that follow in this release.\n\nNon-GAAP Adjusted EBITDAS was $17.5 million, or 15.3% of net sales, compared with $15.7 million, or 18.5% of net sales, for the comparable quarter last year.\n\nMark Smith, President and Chief Executive Officer, commented, \"We are very pleased with our first quarter performance. Our top line results reflected strong consumer demand for the Smith & Wesson brand at retail. Channel inventory of our products remained steady throughout the seasonally slow period this summer, indicating healthy pull through of our shipments at both distributor and retailer levels. Innovation and our iconic brand's reputation for quality continue to be big drivers of consumers' preference for Smith & Wesson. Combined with healthy, lean channel inventories as we enter the traditionally busy fall season, we anticipate these tailwinds will allow us to continue to deliver strong results.\"\nDeana McPherson, Executive Vice President and Chief Financial Officer, commented, \"Bottom line profitability remained strong as disciplined cost control offset temporary headwinds from seasonally lower production volumes and inflationary factors. Gross margin in the quarter was negatively impacted ...