Smith & Wesson shoots up on strong earnings
A positive outlook helps give the stock a much-needed bump after several rough weeks. Shares were up nearly 18%.
By Christopher Freeburn
On Tuesday, gun-maker Smith & Wesson (SWHC) reported strong third-quarter results and issued better-than-expected earnings guidance for current fiscal quarter. The news sent SWHC surging; shares were up nearly 18 percent in afternoon trading.
Smith & Wesson posted earnings of 36 cents per share for the third quarter, which beat Wall Street analyst estimates for 29 cents. Meanwhile, revenues came in at 145.9 million to top the consensus expectation for $142.5 million.
Meanwhile, SWHC's expectations for fiscal Q4 included earnings from continuing operations of between 37 and 40 cents per share to beat the Street's guess of 35 cents, and fourth-quarter revenue of between $159 million and $164 million; most of the range falls well above the $164.8 million that analysts anticipate.
The result was a much-needed bump following a rough month-plus for SWHC shares. After peaking at multi-year highs around $15 per share in early January, shares had dropped off by as much as 15 percent. Wednesday's gains still put SWHC well under the peak at just $14 per share, but do put the stock in the black for 2014.
Competitor Sturm, Ruger & Co. (RGR) saw its shares gain nearly 3 percent as of this writing.
More From InvestorPlace
Then THE PEOPLE will settle the problems OR die.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
Despite its size, the IPO will create just two new members of the 10-figure club from its executive ranks. A few others could net hundreds of millions.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.