UPDATE: Smith & Wesson Posts Higher FQ1 Earnings, Lifts Forecast

Smith & Wesson

reporetd a rise in its fiscal first-quarter earnings and lifted its forecast for the fiscal year. Smith & Wesson now projects earnings of $0.85 to $0.90 per share on revenue of $530 million to $540 million. The company in June expected a profit of $0.60 to $0.65 per share on revenue of $485 million to $505 million. Smith & Wesson's quarterly net income rose to $18.9 million, or $0.28 per share, from $2.3 million, or $0.04 per share, in the year-ago period. Its sales climbed 48% to $136 million, while gross margin rose to 37.7% from 28.9%. However, analysts were expecting a profit of $0.18 per share on sales of $128.7 million. Smith & Wesson shares jumped 19.78% to $10.78 in the after-hours trading session.