Firearms maker Smith & Wesson (SWHC) posted better-than-expected quarterly results Thursday, pushing the stock higher even after a week full of gun violence.
The Springfield, Mass.-based maker of handguns, revolvers and pistols reported an adjusted quarterly profit of 66 cents a share, which beat expectations by 22%, according to earnings estimates from S&P Global Market Intelligence. Profit was up 47% from the same period a year ago.
Investors promptly sent the stock 6% higher in afterhours trading on the news. Shares closed up 27 cents, or 1.3%, to $21.75 in regular trading.
The company's revenue hit $221.1 million during the quarter, which was 1.4% below estimates but still up 22% from the same period a year ago.
Right now, gun stock investors are profiting. "Our solid fourth quarter and full-year performance further validates our vision, which is to become the leading provider of quality products for the shooting, hunting and rugged outdoor enthusiast," says James Debney, Smith & Wesson president and CEO. "We continued to successfully execute on our long-term strategy, while delivering financial and operational results that set a number of new company records."
