Smith & Wesson Stock Surges After Sales Top Expectations
Shares of Smith & Wesson surged after the firearms maker reported quarterly sales Thursday that topped Wall Street expectations.
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Shares of Smith & Wesson surged after the firearms maker reported quarterly sales Thursday that topped Wall Street expectations.#shares #Markets pic.twitter.com/YhZPdJYMtY
— The_Journalbiz (@the_journalbiz) March 8, 2024
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Chief Executive Mark Smith said the company believes it gained market share as shipments outpaced the overall firearm market. “We continue to expect the firearm market to experience healthy demand through the 2024 election cycle,” he said. The stock was recently up 27%.
From the company’s quarterly results:
Revenue rose 6.5% to $137.5 million from a year ago, topping the $133.6 million analysts expected, according to FactSet.
Profit fell on higher costs to $7.88 million, or 17 cents a share, for the quarter ended Jan. 31, down from $11.1 million, or 24 cents a share, a year ago.
Adjusted per-share earnings came to 19 cents, topping the 11 cents a share analysts expected.
