Anoka, MN -(FirearmsGuide.com)- Vista Outdoor Inc. (NYSE: VSTO) today announced that after two and a half years in his role, Sudhanshu Priyadarshi, the Company's Chief Financial Officer, has decided to pursue another opportunity and will be leaving his role in November. Mr. Priyadarshi will continue to fulfill his duties as CFO until his departure, including the release of the Company's Q2 FY23 financial results.
The Company has launched a formal search for a permanent successor. Until then, Andrew Keegan, Vice President of Finance and Treasury, has been named as the interim CFO. Mr. Keegan brings over 10 years of experience at Vista Outdoor and over 15 years of experience in finance, accounting and treasury. He has held increasing roles of responsibility including Vice President of Corporate Accounting and External Reporting as well as CFO of the Company's Sporting Products segment prior to his current role. Prior to Vista Outdoor, Mr. Keegan began his career with Deloitte. He is well known by investors and analysts and is highly respected both inside and outside the company.
Chris Metz, Chief Executive Officer, stated, "On behalf of our Board of Directors and everyone at Vista Outdoor, I want to thank Sudhanshu for his significant contributions and disciplined financial leadership. I am personally thrilled for him as this represents the exact right next opportunity for Sudhanshu. We wish him well in his next role.
"During Sudhanshu's time at Vista Outdoor, he has played a critical role in augmenting our financial talent. He has been an invaluable CFO partner as we have led the Company through the last two and a half years of record financial performance. He has been instrumental in preparing the Company for its upcoming spin-off of the Outdoor Products segment as well as the completion of several key acquisitions which have better positioned us for long-term growth and profitability. Sudhanshu leaves the Company with a strong financial foundation, and we are highly confident that the talent we have put in place will endure and provide financial leadership for years to come. We are pleased with our financial performance, confident in our long-term strategy and excited about the future ahead. Our upcoming spin-off remains on track, and we look forward to further unlocking shareholder value through this transaction," concluded Metz.
"It has been an honor to serve as CFO of Vista Outdoor and to work alongside Chris and many other outstanding leaders," said Sudhanshu Priyadarshi. "This was not an easy decision, but as I pursue this next opportunity, I am excited about the strong financial position that I leave Vista Outdoor in. During my tenure at the Company, we have added highly talented leaders to a strong bench of talent within the finance and accounting organization. I have tremendous confidence in the Company's executive and broader teams, in its long-term strategy and its future growth opportunities."
Preliminary Second Quarter FY23 Financial Results
Sales expected to be approximately $782 million, an increase of 0.4%Sporting Products segment sales expected to be approximately $432 million, down 4 percent, and in-line with previous guidance.Outdoor Products segment sales expected to be approximately $349 million, up 6 percent.EBIT margins of approximately 17 percent and adjusted EBIT margins of approximately 18 percent.Depreciation and amortization expected to be approximately $23 million.Fully Diluted Earnings per Share (EPS) of approximately $1.62 and adjusted EPS of approximately $1.71.
Additional details of Vista Outdoor's second quarter FY23 financial results will be announced on Wednesday, November 2, 2022, after the market closes followed by a conference call on Thursday, November 3, 2022.
The Company has not filed its Quarterly Report on Form 10-Q for the quarter ended September 25, 2022. As a result, all financial results described in this press release should be considered preliminary and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time the Company files its Quarterly Report on Form 10-Q for the quarter ended September 25, 2022.
Earnings Conference Call Webcast Information
Vista Outdoor will hold an investor conference call to discuss its second quarter FY23 financial results and outlook on November 3, 2022, at 9:00 a.m. ET. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast and view and/or download the earnings press release, including a reconciliation of non-GAAP financial measures, and the related earnings release presentation slides, which will also include detailed segment information, via Vista Outdoor's website (www.vistaoutdoor.com). Choose "Investors" then "Events and Presentations". For those who cannot participate in the live webcast, a telephone recording of the conference call will be available until December 1, 2022. The telephone number is 866-813-9403, and the confirmation code is 713731.