Business
Smith & Wesson Brands, Inc. Reports Third Quarter Fiscal 2021 Financial Results
- Record Quarterly Net Sales of $257.6 Million - Record Net Income of $62.3 Million - Record GAAP/non-GAAP EPS of $1.12/Share - $100M Share Buyback Program
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"- Record Quarterly Net Sales of $257.6 Million\n - Record Net Income of $62.3 Million\n - Record GAAP/non-GAAP EPS of $1.12/Share\n - $100M Share Buyback Program and $0.05/Share Quarterly Dividend\n\n\nSPRINGFIELD, Mass., March 4, 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 third quarter of fiscal 2021 ended January 31, 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 \nThird Quarter Fiscal 2021 Consolidated Financial Highlights\nQuarterly net sales were $257.6 million compared with $127.4 million for the comparable quarter last year, an increase of 102.2%. Gross margin for the quarter was 42.6% compared with 28% for the comparable quarter last year. Quarterly GAAP net income was a record $62.3 million, or $1.12 per diluted share, compared with $4.2 million, or $0.08 per diluted share, for the comparable quarter last year. Quarterly non-GAAP net income was $62.4 million, or $1.12 per diluted share, compared with $7.8 million, or $0.14 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 $89.8 million, or 34.9% of net sales, compared with $15.0 million, or 11.8% of net sales, for the comparable quarter last year. Mark Smith, President and Chief Executive Officer, commented, \"I could not be more proud of our dedicated American workforce as, for the third time in a row, they delivered a record-breaking quarter for our great historic company. Over the past year, millions of our fellow Americans from all walks of life have chosen to empower themselves by exercising their 2nd Amendment rights for the first time, and our loyal employees have risen to the challenge – d...