Smith & Wesson Soars After Q1 Results

Shares of gun manufacturer Smith & Wesson

traded up about 13 percent on Friday afternoon after the company released strong first-quarter earnings results after the closing bell on Thursday. The stock was trading at $10.21 at last check, but had been falling on an intra-day basis after a large gap higher at the open. The company reported net income for the quarter of $17.8 million or $0.27 per share, compared to $791,000 or $0.01 per share, in the year ago period. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.18. Sales in the quarter were $136 million, a 48.3 percent gain versus the $91.7 million the company reported last year. This also beat analysts' consensus estimates of $128.74 million. Looking ahead to second-quarter, the company raised its earnings forecast to a range of $0.19 to $0.21 per share. Sales are expected to be between $130 million and $135 million. Currently, analysts expect the company to report EPS of $0.13 on revenues of $118.98 million. For the fiscal year, Smith & Wesson now sees net sales of $530 million to $540 million, versus its previous guidance of $485 million to $505 million. Currently, analysts expect the company to report EPS of $0.63 on revenues of $498.24 million for the fiscal year.