Business
Smith & Wesson Brands, Inc. Reports Fourth Quarter and Full Year Fiscal 2021 Financial Results
- Annual Net Sales of $1.1 Billion; Net Income of $243.6 Million - Annual EPS of $4.40/Share (GAAP) - Q4 Net Sales of $322.9 million; Net Income of $89.2
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"- Annual Net Sales of $1.1 Billion; Net Income of $243.6 Million\n - Annual EPS of $4.40/Share (GAAP)\n - Q4 Net Sales of $322.9 million; Net Income of $89.2 Million\n - Q4 EPS of $1.70/Share (GAAP)\n - New $50M Share Buyback Program and a 60%/Share Quarterly Dividend Increase\n\n\nSPRINGFIELD, Mass., June 17, 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 fourth quarter and full fiscal year 2021, ended April 30, 2021. On August 24, 2020, the company completed the previously announced spin-off of its outdoor products and accessories business. Therefore, as of the second quarter, all historical financial information for that business is reported as discontinued operations. Unless otherwise indicated, any reference to income statement items refers to results from continuing operations. \n\n \n \n \n \n \n \n\n \nFourth Quarter Fiscal 2021 Financial Highlights\nQuarterly net sales were $322.9 million compared with $193.0 million for the comparable quarter last year, an increase of 67.3%. Gross margin for the quarter was 45.1% compared with 32.2% for the comparable quarter last year. Quarterly GAAP net income was a record $89.2 million, or $1.70 per diluted share, compared with $20.9 million, or $0.38 per diluted share, for the comparable quarter last year. Quarterly non-GAAP net income was $89.6 million, or $1.71 per diluted share, compared with $27.5 million, or $0.50 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 $125.6 million, or 38.9% of net sales, compared with $51.6 million, or 26.7% of net sales, for the comparable quarter last year. Full year Fiscal 2021 Financial Highlights\nFull year net sales were $1.1 billion compared with $529.6 million for the prior year, an increase of 100%. Gross margin of 42.4% compared with 31.3% for the prior year. Full year GAAP net income was $243.6 million, or $4.40 per diluted share, compared with GAAP net income of $27.7 million, or $0.50 per diluted share, for the pr...