ANOKA, Minn. (BRAIN) — Vista Outdoor on Thursday reported a 20 percent drop in sales to $468 million for its fiscal third quarter, ended Dec. 30, due to declines in ammunition and firearms sales, hunting/shooting accessories and the company's actions sports and outdoor recreation businesses. The company is the parent of Bell Helmets, Giro, CamelBak and Blackburn.
Excluding Vista's eyewear group, which the company sold in July 2018, organic sales were down 13 percent.
The company reported a net loss of $514.6 million, or $8.94 a share, for its fiscal Q3, compared with earnings of $53.7 million, or 94 cents per share, a year earlier. Adjusted for impairment costs, earnings per share came in at 9 cents.
Vista also lowered its fiscal-year sales outlook, from a previously stated range of $2.1 billion-$2.16 billion to $2 billion-$2.05 billion.
"Vista Outdoor continues to build on our successes and deliver on our commitments," CEO Chris Metz said in a release. "While we continue to face market pressures, specifically in our ammunition business, we are driving out cost and improving profitability across the portfolio. This has manifested in our delivery of three consecutive quarters of adjusted EPS growth and significant reductions in our adjusted operating expenses. We are also continuing with our portfolio reshaping, having made substantial progress on our planned divestiture of Savage Arms. ... I am pleased with the progress on our turnaround and remain optimistic that we are making the correct decisions to position our company for success."
