September 26, 2023
London, UK

Smith & Wesson Brands (SWBI) Reports Q2 Financial Results

$SWBI Smith & Wesson Brands

Smith & Wesson Brands (SWBI), reported earnings results for the Q2 fiscal year 2023 which disappointed investors. both in earnings and revenue. Here are the key points:

Net sales dropped 47.5% to $121 million, from the same quarter last year. The expectations were for sales of $145 million

GAAP net income was reported at $9.6 million, or $0.21 per diluted share, well below the $50.9 million, or $1.05 per diluted share, for the same quarter last year

Non-GAAP net income came at $12 million, or $0.26 per diluted share, compared with $55.3 million, or $1.13 per diluted share, in the same quarter of 2021. Analyst’s expectations were for $0.44 per diluted share

Non-GAAP Adjusted EBITDAS reported st $25.6 million, the same quarter of 2021 was at $80.4 million

Gross margin is at 32.4% compared with 44.3% in the second quarter of 2021. Excluding the relocation costs, the gross margin would have been 33.9%

Smith & Wesson announced a quarterly dividend of $0.10, payable on January 3 to shareholders of record on December 20.

Smith & Wesson Stock Price

Smith & Wesson stock ended the trading day 2.16% lower at $11.80 while in the after-market trading the stock is down over 7% at $10.88. SWBI’s market cap is now at 540.14 million. SWBI’s 52-week trading range is between $9.93 and $18.94. SWBI stock is trading with a trailing Price to Earnings ratio (P/E) of 4.31 while the dividend yield is at 3.24%.

From a technical perspective, Smith & Wesson stock after the rebound from the September lows met strong resistance at the 100-day moving average. Bulls need a convincing break above $12.25 which would open the way for the next hurdle at $13.56 (200-day moving average). If Smith & Wesson shares fail to breach the 100-day moving average then we might see a correction towards the 50-day moving average at $11.09.

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