Vista Outdoor on Thursday reported a loss of some $33 million in its fiscal second quarter.
The maker of firearms, ammunition and accessories posted revenue of nearly $547 million, down 7 percent from the prior-year quarter, while gross profit was $109 million, down 22 percent. The Farmington, Utah-based company said it had a loss of 57 cents per share. Earnings, adjusted for one-time gains and costs, came to 5 cents per share.
Still, the results beat Wall Street expectations, and Vista CEO Chris Metz said the company delivered a solid quarter, exceeding sales forecasts. Metz said ongoing efficiency and cost-reduction initiatives are beginning to bear fruit, and the sale of Vista’s eyewear brands in the quarter paid down $143 million in debt.
Vista Outdoor shares have declined 14 percent since the beginning of the year, and the stock has fallen 40 percent in the last 12 months. Vista Outdoor expects full-year earnings in the range of 20 cents to 35 cents per share, with revenue between 2.1 and 2.16 billion. (Vista Outdoor, AP)
