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Vista Outdoor Inc. (NYSE: VSTO) announced its third quarter fiscal year 2023 financial results will be released on February 2, 2023, before market open. A conference call will follow at 9:00 a.m. EST to discuss these results. The call can be accessed via the company's website. Vista Outdoor, known for its extensive range of sporting and outdoor lifestyle products, serves diverse consumers globally, including outdoor enthusiasts and law enforcement professionals. The company operates through segments including Outdoor Products and Sporting Products and boasts brands like Bushnell and CamelBak.
Vista Outdoor (NYSE: VSTO) will report its third quarter fiscal year 2023 financial results on February 1, 2023, after market close. A conference call will follow on February 2, 2023, at 9:00 a.m. EST, discussing the results and future outlook. The results will be available on Vista Outdoor's website at 5:00 a.m. EST the same day. For those unable to attend live, a recording will be available until March 4, 2023, via telephone. Vista Outdoor is known for its diverse range of outdoor and sporting product brands.
The Vista Outdoor Foundation has awarded funding to 12 nonprofit organizations aimed at promoting conservation and enhancing outdoor participation. This second annual grant cycle includes nine returning partners and three new organizations for fiscal year 2023. CEO Chris Metz highlighted the Foundation's commitment to aligning its mission with these partners to enhance outdoor experiences for youth and veterans. The selection process involved a rigorous review based on operational and mission-related criteria. Future funding announcements are pending following the company's planned separation in 2023.
Vista Outdoor reported second quarter FY23 sales of $782 million, with Sporting Products at $432 million and Outdoor Products at $349 million. Despite challenges, EBITDA margins stood at 19.8%, while free cash flow surged 84% to $195 million. The company anticipates FY23 sales of $3.1 billion, a 2% increase from FY22. However, organic sales saw a low double-digit decline. Adjusted EPS is projected between $6.00 and $6.50. The separation of the Outdoor Products segment is on track for 2023.
Vista Outdoor (NYSE: VSTO) announced the departure of CFO Sudhanshu Priyadarshi in November 2022, with Andrew Keegan stepping in as interim CFO. The company also reported preliminary Q2 FY23 results: sales are projected at approximately $782 million, a 0.4% increase, with specific segments showing mixed results. Sporting Products segment sales are forecasted to decline by 4% to $432 million, while Outdoor Products segment sales are expected to rise by 6% to $349 million. Earnings per share are projected at $1.62 (GAAP) and $1.71 (adjusted). A spin-off of the Outdoor Products segment is on track for 2023.
Vista Outdoor Inc. (NYSE: VSTO) announced that it will release its second quarter fiscal year 2023 financial results on November 2, 2022, after market close. Following this, management will host a conference call on November 3, 2022, at 9:00 a.m. EDT to discuss the results. The conference call will be accessible live on the Internet, with an archived version available for later listening. Vista Outdoor is known for its extensive portfolio of outdoor and sporting brands, catering to a diverse customer base.
Vista Outdoor has successfully acquired Simms Fishing Products for $192.5 million, enhancing its portfolio with an estimated $110 million in net sales. This acquisition is expected to anchor a new fishing platform within Vista's Outdoor Products segment, broadening its market reach. Simms has shown strong growth, with a 15% CAGR from 2019 to 2021 and projections of further growth in 2022. The deal is anticipated to be accretive to earnings in Fiscal Year 2024. Vista financed the purchase through an existing credit facility, maintaining a leverage ratio within its target range.
Vista Outdoor Inc. (NYSE: VSTO) announced the election of two new independent members, Gerard Gibbons and Bruce Grooms, to its Board of Directors during the Annual Meeting on July 26, 2022. Gibbons, with over 30 years at UPS, brings expertise in global supply chain and logistics, while Grooms, a retired Navy Vice Admiral, offers senior executive experience. Their appointments enhance the Board, now with 11 members, contributing to the company's strategic growth and governance.
Vista Outdoor has completed its acquisition of Fox Racing for $540 million, with potential earnouts of up to $50 million. This strategic move enhances Vista's Outdoor Products segment, expected to add approximately $350 million in revenue. Fox Racing, renowned in motocross and mountain biking, reported a 20% CAGR from 2019 to 2021. The acquisition is projected to be immediately accretive to earnings despite associated costs. Vista's financing plan includes a $600 million credit facility and $350 million term loan, maintaining a healthy leverage ratio.
Vista Outdoor reported a strong first quarter for FY23, with sales increasing 21% to $803 million. Both GAAP and adjusted EPS saw significant rises, up 26% to $2.16 and 33% to $2.31, respectively. The company anticipates FY23 sales between $3.2 billion and $3.325 billion, reflecting a 7% increase at the midpoint. Notably, the company will separate its Outdoor and Sporting Products segments into independent entities, further enhancing its growth potential. Capital allocation will focus on debt reduction and opportunistic share repurchases.