Shares of Vista Outdoor Inc. plunged 22% toward record lows in active midday trade Thursday, after the guns and ammunition maker beat fiscal third-quarter profit expectations, but missed on sales and slashed its full-year outlook. The stock, which was the biggest decliner listed on the NYSE, was on track to suffer its largest one-day percentage selloff since it went public on Jan. 29, 2015. Volume of 5.3 million shares was more than triple the full-day average. For the quarter to Jan. 1, Vista swung to a loss of $377.7 million, or $6.44 a share, from a profit of $43.2 million, or 70 cent a share, in the same period a year ago. Excluding non-recurring items, such as asset impairment charges, adjusted earnings per share were 62 cents, above the FactSet consensus of 58 cents. Revenue rose to $653.6 million from $592.6 million, but missed expectations of $671.3 million. Vista now expects full fiscal-year adjusted EPS of $1.95 to $2.10 and revenue of $2.50 billion to $2.54 billion, compared with guidance provided in November of EPS of $2.72 to $2.78 and revenue of $2.65 billion to $2.85 billion. "The challenging retail environment we experienced in our first and second quarters worsened in our third quarter following a slow hunting season and the national elections," said Chief Executive Mark DeYoung. "This resulted in the need for increased promotional activity to support sales and maintain market share." The stock has plummeted 47% over the past three months, while the S&P 500 has gained 6.7%.
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