Why Vista Outdoor Shares Are Tumbling Today
Portfolio Pulse from Lekha Gupta
Vista Outdoor Inc (VSTO) shares dropped by around 20% after the company announced asset sales and lowered its FY24 outlook. The company is selling its Sporting Products business to Czechoslovak Group a.s. (CSG) for $1.91 billion. After the sale, VSTO's Outdoor Products business will become an independent publicly traded company, Revelyst, Inc., trading under the ticker 'GEAR'. The company also reduced its outlook for adjusted EPS and sales due to economic challenges and market normalization.
October 16, 2023 | 2:40 pm
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Vista Outdoor Inc's shares dropped significantly after the company announced asset sales and a lowered FY24 outlook. The company's Outdoor Products business will become an independent publicly traded company, Revelyst, Inc.
The company's decision to sell its Sporting Products business and the subsequent lowering of its FY24 outlook has led to a significant drop in its share price. The future performance of the company will be closely watched as its Outdoor Products business becomes an independent publicly traded company.
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