Business
Smith & Wesson Brands, Inc. Reports Third Quarter Fiscal 2024 Financial Results
Q3 Net Sales of $137.5 Million Q3 Gross Margin of 28.7%; Non-GAAP Gross Margin of 29.1% Q3 EPS of $0.17/Share; Q3 Adjusted EPS of $0.19/Share Q3 Adjusted
About this update from Smith & Wesson Brands, Inc.
[{"type":"text","content":"\nQ3 Net Sales of $137.5 Million\nQ3 Gross Margin of 28.7%; Non-GAAP Gross Margin of 29.1%\nQ3 EPS of $0.17/Share; Q3 Adjusted EPS of $0.19/Share\nQ3 Adjusted EBITDAS Margin of 15.6%\n\nMaryville, Tennessee--(Newsfile Corp. - March 7, 2024) - Smith & Wesson Brands, Inc. (NASDAQ: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the third quarter of fiscal 2024, ended January 31, 2024.\nFinancial Highlights\n\n\nNet sales were $137.5 million, an increase of $8.4 million, or 6.5%, over the comparable quarter last year.\n\n\nGross margin was 28.7% compared with 32.4% in the comparable quarter last year.\n\n\nGAAP net income was $7.9 million, or $0.17 per diluted share, compared with $11.1 million, or $0.24 per diluted share, for the comparable quarter last year.\n\n\nNon-GAAP net income was $8.7 million, or $0.19 per diluted share, compared with $11.6 million, or $0.25 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for income exclude costs related to the move of our headquarters and significant elements of our operations to a new facility in Maryville, Tennessee, or the Relocation, and other costs. For a detailed reconciliation, see the schedules that follow in this release.\n\n\nNon-GAAP Adjusted EBITDAS was $21.4 million, or 15.6% of net sales, compared with $25.1 million, or 19.5% of net sales, for the comparable quarter last year.\n\n\nMark Smith, President and Chief Executive Officer, commented, \"Our team delivered another strong quarter on both the top and bottom line. We believe we gained market share as our shipments outpaced the overall firearm market, reflecting the continuing robust demand for our best-in-class, innovative new products and sustained momentum in our core product portfolio. We continue to expect the firearm market to experience healthy demand through the 2024 election cycle. With our deep pipeline of new products, leading brand, new state-of-the-art facility in Tennessee, strong balance sheet, and most importantly, world-class dedicated employees, we are well positioned to continue delivering value for our stockholders.\"\nDeana McPherson, Executive Vice President and Chief Financial Officer, commented, \"Net sales for our third quarter were 6.5% above the prior year comparable quarter. During the quarter, inventory...