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Shares of Smith & Wesson Brands, Inc (NASDAQ:SWBI) are trading higher after it reported a third-quarter FY24 yesterday.
The company recorded sales growth of 6.5% year-on-year to $137.5 million, beating the analyst consensus estimate of $133.55 million.
The gross margin contracted 370 basis points to 28.7%, and the gross profit fell 5.7% to $39.4 million. The operating income for the quarter decreased 20.2% to $11.3 million, and the operating margin was 8.2%.
Adjusted EBITDA for the quarter decreased 14.7% to $21.4 million with a margin of 15.6%. Adjusted EPS of $0.19 beat the consensus estimate of $0.10.
Inventories as of January 31, 2024, declined to $153.5 million from $177.12 million as of April 30, 2023.
Smith & Wesson held $47.4 million in cash and equivalents as of January 31, 2024. The operating cash flow for nine months totaled $63.1 million.
“We believe we gained market share as our shipments outpaced the overall firearm market, reflecting the continuing robust demand for our best-in-class, innovative new products and sustained momentum in our core product portfolio,” said President and CEO Mark Smith.
The company’s board of directors has authorized a $0.12 per share quarterly dividend, which will be paid to stockholders of record on March 21, 2024, with payment to be made on April 4, 2024.
Price Action: SWBI shares are trading higher by 9.45% at $14.71 in premarket on the last check Friday.
Photo via Shutterstock
Posted In: SWBI
