Smith & Wesson sales reach all-time high
The gun manufacturer cranked up production in its factories this year to meet demand.
The company said Thursday it expects $588 million in sales for the fiscal year that ended April 30 -- a stunning 43% increase over the prior year. And profit is expected at $1.22 per share, up from just 40 cents a share a year earlier. The company reports its official results on June 25.
Smith & Wesson has never seen sales like this. The company's sales were pretty stagnant from 2009 to 2011, hovering in the range of $335 million to $358 million. But sales took off after that, fueled largely by consumer worries about a federal crackdown on gun purchases.
Smith & Wesson cranked up its factory production to meet the demand, an analyst told Bloomberg, which helped create the record numbers of the past year.
Investors were very pleased by Smith & Wesson's early numbers, sending shares up about 5% Friday to $9.76. The company is also making investors happy with a new plan to buy back $100 million in shares.
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POLLYANNA LIBERAL NAIVETY LEADS TO FAR STRONGER FIREARMS INDUSTRY AND BETTER ARMED CITIZENRY, THE OPPOSITE OF THEIR GOAL!
For those whose retirement accounts used to have S&W in their portfolio before your govt pension funds divested...great move. You're banking less now based on their decisions. Personally, I prefer precious metals, especially lead and brass.
Most of the American population is smart. They see the 'big' picture. Good job done, Smith and Wesson....We only need one Department of, and that is the Department of Common Sense.
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The company plans to close stores and lay off employees, and says it needs to make some deeper changes.
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