Business
Smith & Wesson Brands, Inc. Reports Second Quarter Fiscal 2024 Financial Results
Q2 Net Sales of $125.0 Million Q2 Gross Margin of 25.4%; Non-GAAP Gross Margin of 28.3% Q2 EPS of $0.05/Share; Q2 Adjusted EPS of $0.14/Share Q2 Adjusted
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"\nQ2 Net Sales of $125.0 Million\nQ2 Gross Margin of 25.4%; Non-GAAP Gross Margin of 28.3%\nQ2 EPS of $0.05/Share; Q2 Adjusted EPS of $0.14/Share\nQ2 Adjusted EBITDAS Margin of 15.5%\n\nMaryville, Tennessee--(Newsfile Corp. - December 7, 2023) - Smith & Wesson Brands, Inc. (NASDAQ: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the second quarter of fiscal 2024, ended October 31, 2023.\nSecond Quarter Fiscal 2024 Financial Highlights\n\n\nNet sales were $125.0 million, an increase of $3.9 million, or 3.2%, over the comparable quarter last year.\n\n\nGross margin was 25.4% compared with 32.4% in the comparable quarter last year.\n\n\nGAAP net income was $2.5 million, or $0.05 per diluted share, compared with $9.6 million, or $0.21 per diluted share, for the comparable quarter last year.\n\n\nNon-GAAP net income was $6.5 million, or $0.14 per diluted share, compared with $12.0 million, or $0.26 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for income exclude costs related to an accrued legal settlement, the relocation, and other costs. For a detailed reconciliation, see the schedules that follow in this release.\n\n\nNon-GAAP Adjusted EBITDAS was $19.3 million, or 15.5% of net sales, compared with $25.6 million, or 21.1% of net sales, for the comparable quarter last year.\n\n\nMark Smith, President and Chief Executive Officer, commented, \"We were very pleased with our second quarter results, which continued to reflect our innovative new product introductions and our consumers' enduring loyalty to the Smith & Wesson brand. Top line revenue and unit shipments were both up versus last year, while channel inventories actually decreased slightly in the period. This robust sell through, combined with our shipments outperforming NICS in the quarter by over 7%, underscores our belief that our strong performance was due to share gains at the retail counter. With demand levels expected to remain elevated through our traditionally busy season, a strong balance sheet, and a significant reduction in capex on the horizon as we wind down the major investment in our new facility in Tennessee, we expect to be in a very strong position to drive returns for our stockholders throughout the second half of fiscal 2024 and in fiscal 2025.\"\nDeana McPherson, ...