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Vista Outdoor reported strong results for Q2 FY21, ending September 27, 2020. Sales surged by 29% to $575 million, while gross profit soared 79% to $162 million, reflecting improved margins and free cash flow. Operating expenses decreased to 15% of sales. The company highlighted a significant EBIT increase to $75 million, a major improvement from last year’s $1 million. Free cash flow reached $190 million, and EPS was $1.34, up from a loss of $(0.21). Additionally, Vista completed the acquisition of Remington, enhancing its portfolio.
Vista Outdoor (NYSE: VSTO) will host an investor conference call on November 5, 2020 at 9:00 a.m. ET to discuss its second quarter fiscal year 2021 financial results. The call will include an overview of financial results, outlook, and strategic matters. For those unable to attend, a recording will be available for one month at Vista Outdoor's website. This event highlights Vista Outdoor's ongoing commitment to transparency and investor communication.
Vista Outdoor announced the successful acquisition of assets related to Remington Outdoor Company's ammunition and accessories businesses for $81.4 million. This deal, expected to enhance earnings in Fiscal Year 2022, includes Remington's Lonoke, Arkansas manufacturing facility and intellectual property. In 2019, Remington's brands generated approximately $200 million in net sales. The acquisition supports Vista Outdoor's strategy for accretive growth and aims to capitalize on increasing market demand in outdoor sports.
Vista Outdoor has emerged as the successful bidder in the auction for assets from Remington Outdoor Company's bankruptcy, acquiring key ammunition and accessories businesses. The deal involves a gross purchase price of $81.4 million for the Remington brand and its manufacturing facility in Lonoke, Arkansas. This acquisition is projected to generate $200 million in sales based on 2019 figures and is expected to be accretive to earnings in Fiscal Year 2022. The transaction is subject to bankruptcy court approval.
Vista Outdoor will participate in a Fireside Chat at the CL King 18th Annual Best Ideas Conference on September 16, 2020, at 2:45pm ET. The event will be webcast and available on Vista Outdoor's website. A recording will be accessible for one month after the event. Vista Outdoor is a global leader in outdoor sports and recreation products, hosting several well-known brands. For more updates, visit their official site.
Vista Outdoor reported a strong Q1 FY21 with sales of $479 million, a 4% increase year-over-year, and a gross profit of $125 million, up 32%. The company achieved a significant EPS of $0.69, compared to a loss of $(0.29) in the prior year. Cash flow from operations was positive at $77 million. The Shooting Sports segment saw sales rise 8%, while Outdoor Products dipped 4% due to COVID-19 disruptions. The company aims for Q2 sales between $495M-$515M and EPS of $0.60-$0.70, focusing on margin improvement and debt reduction.
Vista Outdoor will host its investor conference call on August 6, 2020, at 9:00 a.m. ET, to discuss its first quarter fiscal year 2021 financial results. The call will include insights into the company’s financial outlook and strategic matters. Those unable to join live can access a recording via telephone at 719-457-0820 using confirmation code 4885107, available for one month post-call. Vista Outdoor is a global leader in outdoor sports and recreation products, offering a wide range of innovative consumer goods.
Vista Outdoor Inc. (NYSE: VSTO) announces that Kelly Reisdorf has been honored as a recipient of the Minneapolis/St. Paul Business Journal's 2020 Women in Business awards. This accolade recognizes her professional achievements and leadership contributions to the Twin Cities community. Reisdorf, the Chief Communications and Investor Relations Officer at Vista Outdoor, has been with the company since its inception in 2015 and previously served in the United States Marine Corps. The honorees will be featured in a special edition on Oct. 9, 2020.