Ammo Inc falls on forecast cut, revenue miss

Outdoor Holding

15/11/2022 11:48

** Ammunition maker Ammo Inc's shares  POWW.O  decline 16.5%
to $2.60 premarket; stock set to open at lowest level in nearly
two years
    ** Co reduces FY23 revenue forecast to $220 mln-$240 mln
from $300 mln-$310 mln previously
    ** POWW also misses estimates for Q2 revenue; reports
quarterly rev. of $48.3 mln vs analysts' avg. estimate of 63.5
mln, as per Refinitiv data
    ** Co says increased legal expenses and higher commodity
prices affected profit margins
    ** Up to Monday's close, stock had fallen 42.3% YTD
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))