12-21-2020, 12:15 AM
55, I did a little digging around in their latest quarterly SEC filing and it does become pretty apparent that they are producing more but very little more. It's tough to get concise numbers because some data is presented for "Ammunition" while other data is presented for "Shooting Sports", with ammo being a 70% subset of the latter.
In the 3 months ended 9/30/20, ammo sales were $272m vs $210m in the like quarter of 2019. Total Shooting Sports sales were $379m vs $300m in 2019, so ammo was up $62m while Hunting and Shooting (the other subset of Shooting Sports was up $17m or so. They don't breakout gross profit for ammo.
But here's where I switch to my Ed Norton narrating Fight Club voice: Ladies and Gentlemen fasten your seatbelts. Gross profit was up $54m in shooting sports. So $54m of that $79m sales increase in Shooting Sports went straight to the gross profit line. It's impossible to tell beyond that how much comes from volume and pricing since year over year baseline volume will be sold at the higher price, but a best guestimate is that about 70% of the sales increase is from price (54/79) since so much is dropping to the profit line (reducing costs can also have an impact). Purely guesstimating again, if 70% of the $62m of ammo sales increases was price, volume represents around $18m, or a bit under a 10% volume increase (based on the $210m 2019 sales number).
And to quell any of the talk of "secret warehouses", inventories of finished goods on hand for the entire company (which also includes Outdoor Products) were down slightly. To hide inventory or sell it undisclosed to related parties would be securities fraud on par with some of the things Enron did.
In the 3 months ended 9/30/20, ammo sales were $272m vs $210m in the like quarter of 2019. Total Shooting Sports sales were $379m vs $300m in 2019, so ammo was up $62m while Hunting and Shooting (the other subset of Shooting Sports was up $17m or so. They don't breakout gross profit for ammo.
But here's where I switch to my Ed Norton narrating Fight Club voice: Ladies and Gentlemen fasten your seatbelts. Gross profit was up $54m in shooting sports. So $54m of that $79m sales increase in Shooting Sports went straight to the gross profit line. It's impossible to tell beyond that how much comes from volume and pricing since year over year baseline volume will be sold at the higher price, but a best guestimate is that about 70% of the sales increase is from price (54/79) since so much is dropping to the profit line (reducing costs can also have an impact). Purely guesstimating again, if 70% of the $62m of ammo sales increases was price, volume represents around $18m, or a bit under a 10% volume increase (based on the $210m 2019 sales number).
And to quell any of the talk of "secret warehouses", inventories of finished goods on hand for the entire company (which also includes Outdoor Products) were down slightly. To hide inventory or sell it undisclosed to related parties would be securities fraud on par with some of the things Enron did.
Let's go Brandon!