Business
Smith & Wesson Brands, Inc. Reports Fourth Quarter and Full Year Fiscal 2022 Financial Results
- Q4 Net Sales of $181.3 Million- Q4 Gross Margin of 39.8%- Q4 EPS of $0.79/Share; Q4 Adjusted EBITDAS Margin of 31.8%- $120.7 Million of Cash on Hand- Board
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"- Q4 Net Sales of $181.3 Million- Q4 Gross Margin of 39.8%- Q4 EPS of $0.79/Share; Q4 Adjusted EBITDAS Margin of 31.8%- $120.7 Million of Cash on Hand- Board of Directors Authorized 25% Increase in Quarterly Dividend\nSPRINGFIELD, Mass., June 23, 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 fourth quarter and full fiscal year 2022, ended April 30, 2022. 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 2022 Financial Highlights\nNet sales were $181.3 million, a decrease of $141.6 million, or 43.9%, from the comparable quarter last year, and $11.7 million, or 6.1%, lower than the comparable quarter in fiscal 2020.Gross margin was 39.8% versus 45.1% in the comparable quarter last year and 32.2% in the comparable quarter in fiscal 2020.GAAP net income was $36.1 million, or $0.79 per diluted share, compared with $89.2 million, or $1.70 per diluted share, for the comparable quarter last year.Non-GAAP net income was $37.6 million, or $0.82 per diluted share, compared with $89.6 million, or $1.71 per diluted share, for the comparable quarter last year. 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 $57.7 million, or 31.8% of net sales, compared with $125.6 million, or 38.9% of net sales, for the comparable quarter last year.Full Year Fiscal 2022 Financial Highlights\nNet sales were $864.1 million compared with $1.1 billion for the prior year, a decrease of 18.4%.Gross margin was 43.3% versus 42.4% for the prior year.GAAP net income was $194.5 million, or $4.08 per diluted share, compared with $243.6 million, or $4.40 per diluted share, for the prior year.Non-GAAP net income was $202.8 million, or $4.25 per diluted share, compared with $251.5 million, or $4.54 per diluted share, for the prior year. GAAP to non-GAAP adjustments for income exclude...