Fox Business Flash top headlines for November 11
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Big-name shooting sports company Vista Outdoor Inc. reported “over a year’s worth” of backlogged ammunition orders worth more than $1 billion, an official said recently.
Continue Reading Below
Vista was reporting its second-quarter earnings when CEO Chris Metz detailed what announced the backlog, which he called “unprecedented” for the company.
"We currently have over a year's worth of orders for ammunition in excess of $1 billion," Metz said during the Nov. 5 call. “With demand far outstripping supply and inventory levels in the channel at all-time lows, we see strong demand continuing, and this metric informs our viewpoint of what a recovery or normalization could look like."
He added that he was providing the additional context “to convey an underlying strength and strong foundational element to our business.”
In August, FOX Business reported that ammo was hard to come by after the number of gun purchases soared amid civil unrest and political concerns, among other reasons.
GUN SALES YEAR-TO-DATE SURPASS PREVIOUS ANNUAL RECORD HIGH BY NEARLY 2 MILLION, STATISTICS SHOW
An estimated 1.9 million firearms were sold in October this year, a 65% spike from the same month in 2019, according to data provided by Small Arms Analytics and Forecasting (SAAF).
SAAF Chief Economist Jurgen Brauer said in a press release at the time that an estimated 18.6 million firearms had been sold so far this year, as 2020 “continues on its record firearms sales pace.”