Vista Outdoor Q4 Earnings Tops Estimates; Provides Upbeat Q1, FY23 Outlook

Vista Outdoor Inc VSTO reported fourth-quarter FY22 sales growth of 36% year-on-year to $808.6 million, beating the consensus of $760.87 million.
Sporting Products sales increased 56% Y/Y to $464 million, and Outdoor Products sales rose 15% to $345 million.
Gross profit rose 58% Y/Y to $287 million, and gross profit margin improved by 500 bps to 35.5%.
Operating expenses increased 32.2% Y/Y to $134.5 million.
Adjusted EBIT for the quarter rose 99% Y/Y to $160 million. Adjusted EBIT margin expanded by 600 basis points to 19.8%.
Cash provided by operating activities for the year totaled $318.3 million. The company held $22.6 million in cash and equivalents as of March 31, 2022.
Adjusted EPS of $2.04 beat the analyst consensus of $1.80.
"Looking ahead, Vista Outdoor remains well-positioned to continue to capitalize on today's positive consumer trends. Underlying demand in outdoor recreation remains strong, despite the current macroeconomic headwinds, and we begin fiscal 2023 with positive momentum, from our balance sheet to our leverage ratio to our powerhouse portfolio of brands," said CEO Chris Metz.
Outlook: Vista sees FY23 sales of $3.15 billion - $3.25 billion, above the consensus of $3.09 billion.
The company expects Adjusted EPS of $7.00 - $7.75, above the consensus of $6.84.
Vista expects Q1 sales of $770 million - $790 million, above the Street view of $748.9 million.
It sees Q1 adjusted EPS of $1.85 - $1.95, above the consensus of $1.77.
Price Action: VSTO shares traded higher by 1.94% at $38.86 on the last check Thursday.

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