Shares of Vista Outdoor Inc. (NYS:VSTO) tumbled 7.8% in premarket trade Thursday, after the gun and outdoor sports products company beat fiscal second-quarter profit expectations, but missed on sales and slashed its full-year outlook. For the quarter to Oct. 1, the company swung to a net loss of $114.7 million, or $2.01 a share, from net income of $73.2 million, or $1.22 a share, in the same period a year ago. Excluding non-recurring items, such as cost for current and possible transactions, adjusted earnings per share came to 34 cents, above the FactSet consensus of 27 cents. Revenue fell to $587.3 million from $684.3 million, missing the FactSet consensus of $588.8 million. The company cut its fiscal 2018 guidance ranges for adjusted EPS to 50 cents to 60 cents from $1.10 to $1.30 and for revenue to $2.24 billion to $2.26 billion from $2.36 billion to $2.42 billion. "During the second quarter, the competitive environment in ammunition, firearms and shooting-related accessories continued to impact our business," said Chief Financial Officer Stephan Nolan. He expects the market contraction will have more impact in the second half of the year than the first. Separately, the company named Michael Callahan as chairman. The stock has plunged 17.5% over the past three months through Wednesday, while the S&P 500 (S&P:SPX) has gained 4.9%.
Nov. 9, 2017, 7:19 a.m. EST