A nationwide ammunition shortage is good news for Vista Outdoor, which owns a munitions factory in Lewiston.
On Thursday, the company announced it earned $78 million in profit during its latest quarter compared to a nearly $12 million loss this time last year.
“We anticipate this heightened level of demand fueled by many factors, including civil unrest, a heightened desire for personal protection and increases in recreational shooting activities, to continue into the future,” said Vista Outdoor CEO Christopher Metz.
The company owns several well-known brands, including Camelback, CCI and it closed on buying Remington’s ammo and accessory lines last month.
Mets said Vista Outdoor also has a year’s worth of ammunition orders in the pipeline worth more than $1 billion.
“This is unprecedented for our company,” he said. “With demand far outstripping supply and inventory levels in the channel at all-time lows, we see strong demand continuing.”
Metz said the company’s ammunition sectors haven’t slowed down production – they just couldn’t keep up. Vista’s Lewiston plant is one of the area’s largest employers.
Vista Outdoor stock closed at $23.50 per share Friday, up from about $9 per share a year ago.
Follow James Dawson on Twitter @RadioDawson for more local news.
Copyright 2020 Boise State Public Radio