ANOKA, Minn. (BRAIN) — Vista Outdoor — the parent of Bell, Giro, Blackburn, CamelBak, and now the QuietKat e-bike brand — is reporting record third-quarter sales and raised its full-year guidance.
On Thursday the company released its earnings report for its fiscal 2021 third quarter, which ended Dec. 25, 2021.
Its Action Sports division, which includes Bell, Giro, Blackburn and QuietKat, registered sales of $98.7 million in the quarter, up 11% from $88.9 million in the same period last year.
The Outdoor Recreation division, which includes CamelBak, had sales of $117 million in the quarter, up from $84.2 million last year.
The company's encompassing Outdoor Products division, which comprises most of its business outside of ammunition, was up 25% in the quarter and the company said that was primarily driven by the acquisition of QuietKat and Foresight, a golf logistics brand. It said its organic sales in the division also increased.
Overall, in the three-month period, the revenues were up from $574.7 in 2021 to $794.7 in 2022, a 38% increase. Company-wide year-to-date revenues were $2.24 billion, up from $1.6 billion in the same period last year.
Company-wide net income for the quarter was $118.1 million, up from $78.9 in the third quarter last year. Earnings per share was $2.07 for the quarter, up from $1.35 last year.
The company raised its full-year revenue guidance from $2.97 billion to a round $3.0 billion. It also raised its GAAP EPS guidance from $7.82 to $7.92 and its adjusted EPS from $8.00 to $8.10. The company also announced a new $200 million share repurchase program.
"Two years into the pandemic, people continue to find enjoyment in their newly acquired and rediscovered outdoor passions. We continue to see increasing levels of activity and participation across outdoor recreation whether it be golfing, camping, hiking, biking, hunting or recreational shooting," said CEO Chris Metz.
"The power of our brands, combined with our continuous introduction of innovative new products, and lean cost structure has allowed us to offset cost increases through targeted pricing action while absorbing some costs through operational efficiencies to maintain profitable growth across our portfolio."
