Why Shares of Vista Outdoor Are Plunging Today
Shares of Vista Outdoor (NYSE: VSTO) traded down more than 20% on Thursday after the maker of outdoor recreation equipment reported a worse-than-expected quarterly loss and lowered its full-year outlook. It's a time of transition for the company, which only recently divested its firearm business, but investors don't seem interested in waiting around to see how the turnaround plays out.
Vista Outdoor on Thursday morning reported a fiscal first quarter loss of $0.08 per share on revenue of $459.77 million, falling short of analyst expectations for a $0.06 loss on sales of $464 million. Revenue was down 13% from the prior-year period, and gross profit was down 16% year over year.
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