Vista Outdoor (NYSE: VSTO) reported Q2 EPS of $0.05, $0.03 better than the analyst estimate of $0.02. Revenue for the quarter came in at $547 million versus the consensus estimate of $541.2 million.

• Sales were $547 million, down 7 percent from the prior-year quarter.
• Gross profit was $109 million, down 22 percent from the prior-year quarter.
• Operating expenses were $128 million, compared to $266 million in the prior-year quarter. Adjusted operating expenses were $94 million compared to $105 million in the prior-year quarter.
• Fully diluted earnings per share (EPS) was $(0.57), compared to $(2.01) in the prior-year quarter. Adjusted EPS was $0.05, compared to $0.34 in the prior-year quarter.
• Cash flow provided by operating activities year to date was $58 million, compared to $112 million in the prior-year period. Year-to-date free cash flow generation was $55 million, compared to free cash flow of $80 million in the prior-year period.
• Tax rate was 19.8 percent compared to 17.9 percent in the prior-year quarter. The adjusted tax rate was 49.7 percent, compared to 8.7 percent in the prior-year quarter.

"Vista Outdoor delivered a solid quarter, exceeding our expectations for sales and EPS, despite market challenges," said Vista Outdoor Chief Executive Officer Chris Metz. "Our ongoing efficiency and cost-reduction initiatives are beginning to bear fruit. We also completed the sale of our Eyewear Brands in the quarter which allowed us to pay down $143 million in debt. The Eyewear sale was an important step in our transformation plan, and I\'m proud of our team for delivering on both our short-term financial and long-term strategy goals. We've also taken considerable steps in our process to divest the Savage Arms brands."

GUIDANCE:

Vista Outdoor sees FY2019 EPS of $0.20-$0.35, versus the consensus of $0.26. Vista Outdoor sees FY2019 revenue of $2.1-2.16 billion, versus the consensus of $2.13 billion.

For earnings history and earnings-related data on Vista Outdoor (VSTO) click here.