Business
Smith & Wesson Brands, Inc. Reports Third Quarter Fiscal 2023 Financial Results
- Q3 Net Sales of $129.0 Million - Q3 Gross Margin of 32.4%; Non-GAAP Gross Margin of 32.7% - Q3 EPS of $0.24/Share; Q3 Adjusted EBITDAS Margin of 18.4%
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"- Q3 Net Sales of $129.0 Million\n- Q3 Gross Margin of 32.4%; Non-GAAP Gross Margin of 32.7%\n- Q3 EPS of $0.24/Share; Q3 Adjusted EBITDAS Margin of 18.4%\nSpringfield, Massachusetts--(Newsfile Corp. - March 9, 2023) - Smith & Wesson Brands, Inc. (NASDAQ: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the third quarter fiscal year 2023, ended January 31, 2023.\nThird Quarter Fiscal 2023 Financial Highlights\n\nNet sales were $129.0 million, a decrease of $48.7 million, or 27.4%, from the comparable quarter last year, but $1.6 million, or 1.3%, higher than the comparable quarter in fiscal 2020, which was the last pre-pandemic comparable third quarter.\n\nGross margin was 32.4% compared with 39.6% in the comparable quarter last year and 28.0% in the comparable quarter in fiscal 2020.\n\nGAAP net income was $11.1 million, or $0.24 per diluted share, compared with $30.5 million, or $0.65 per diluted share, for the comparable quarter last year, and $4.2 million, or $0.08 per diluted share, for the comparable quarter in fiscal 2020.\n\nNon-GAAP net income was $11.6 million, or $0.25 per diluted share, compared with $32.9 million, or $0.70 per diluted share, for the comparable quarter last year, and with $2.2 million, or $0.04 per diluted share, for the comparable quarter in fiscal 2020. For a detailed reconciliation, see the schedules that follow in this release.\n\nNon-GAAP Adjusted EBITDAS was $23.7 million, or 18.4% of net sales, compared with $51.9 million, or 29.2% of net sales, for the comparable quarter last year, and $15.0 million, or 11.8% of net sales, for the comparable quarter in fiscal 2020.\n\nMark Smith, President and Chief Executive Officer, commented, \"We are extremely pleased with our third quarter performance, with our top-line increasing sequentially, and above the comparable pre-pandemic quarter in fiscal 2020, and our bottom-line results continuing to show dramatic improvement over pre-pandemic levels. Our results reflect the work our team has done to capitalize on the opportunity afforded by our flexible manufacturing model during the surge to fundamentally transform our business model as it relates to product mix and pricing. Further, the firearm market remains healthy, with strong participation growth in recent years on top of a large and loyal base of co...