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In another sign the current administration is the best thing to happen to gun sales since the Second Amendment, Smith & Wesson Holding Corp. (NASDAQ:SWHC) announced quarterly results that exceeded targets.
After Tuesday’s closing bell, the second largest publicly-traded gun manufacturer reported net sales of $136.2 million for its fiscal 2013 third-quarter, up 38.8 percent from a year earlier. Net income from continuing operations came in at $17.5 million (26 cents per share), compared to $5.4 million (8 cents per share) in the same period last year. Analysts were expecting earnings of 23 cents per share with $133.7 million in revenue.
James Debney, president and chief executive officer, explains in a press release, “Our success in the third-quarter was highlighted by significant year-over-year improvements in net sales, margin expansion, and bottom line profitability as we successfully executed our growth strategy, which is underpinned with a focus on firearms. Performance gains were driven by continued robust consumer demand for firearms.”
With strong demand and profit margins improving, Smith & Wesson also raised its guidance. For the current quarter, it expects to earn between 38 cents and 40 cents per share, above analysts’ estimates of 30 cents per share. The company expects net sales from continuing operations to come in between $575 million and $580 million for fiscal 2013.
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