Vista Outdoor stock rises after record sales, guidance increase, $200 million share buyback program
Vista Outdoor Inc. shares rose 1.3% in Thursday trading after the outdoor and sporting company reported record fiscal third-quarter sales. Net income totaled $118.1 million, or $2.00 per share, up from $78.9 million, or $1.31 per share, last year. Adjusted EPS of $2.10 beat the FactSet consensus of $1.92. Sales of $794.7 million reached a record, according to the company. The result was up from $574.7 million last year and exceeded the FactSet consensus of $748.1 million. "Two years into the pandemic, people continue to find enjoyment in their newly acquired and rediscovered outdoor passions," said chief Executive Chris Metz in a statement. "We continue to see increasing levels of activity and participation across outdoor recreation whether it be golfing, camping, hiking, biking, hunting or recreational shooting." Vista brands include CamelBak, Bushnell and Camp Chef. The company recently acquired Stone Glacier, a hunting gear company. This marks the seventh acquisition in 18 months. Vista has reorganized its reporting segments, with Sports Protection, Cycling and Hydration part of the Outdoor Products segment, and the Sporting Products segment comprised of ammunition-related businesses. Vista has authorized a new $200 million share buyback program, which comes nearly at the completion of the previous program. For fiscal 2022, Vista is guiding for sales in the range of $2.97 billion to $3.00 billion, EPS in the range of $7.82 to $7.92 and adjusted EPS of $8.00 to $8.10. The FactSet consensus is for sales of $2.94 billion and EPS of $7.92. Vista stock is up 27.8% over the last year while the S&P 500 index is up 18.4%.
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