Smith & Wesson Brands, Inc. Reports Fourth Quarter and Full Fiscal 2024 Financial Results

Core Viewpoint - Smith & Wesson Brands, Inc. reported strong financial results for the fourth quarter and full fiscal year 2024, highlighting significant increases in net sales, gross margin, and net income compared to the previous year [27][28][19]. Financial Performance - For the fourth quarter ended April 30, 2024, net sales were $159.1 million, an increase of $14.4 million, or 9.9%, compared to the same quarter last year [28]. - Gross margin for the fourth quarter was 35.5%, up from 29.0% in the comparable quarter last year [26]. - Full year net sales reached $535.8 million, an increase of $56.6 million, or 11.8%, over the prior fiscal year [14]. - GAAP net income for the fourth quarter was $26.1 million, or $0.57 per diluted share, compared to $12.8 million, or $0.28 per diluted share, for the same quarter last year [11][12]. - Non-GAAP net income for the fourth quarter was $20.9 million, or $0.45 per diluted share, compared to $14.6 million, or $0.32 per diluted share, for the same quarter last year [12][16]. Operational Highlights - The company generated operating cash of $43.6 million during the fourth quarter and $106.7 million for the full year [19]. - The board of directors authorized an 8.3% increase in the quarterly dividend, reflecting the company's strong financial position [19]. - Smith & Wesson repurchased 793,551 shares, utilizing $10.2 million of its $50 million authorization during fiscal 2024 [19]. Strategic Outlook - The company expects healthy demand for firearms in fiscal 2025, supported by a deep pipeline of new products and a new state-of-the-art facility now fully operational [18]. - Despite a competitive marketplace and inflationary impacts, Smith & Wesson anticipates growth in both net sales and gross margin in fiscal 2025 [19].