Smith & Wesson shares jump on stronger-than-expected gun orders; firearm maker boosts outlook
Shares of Smith & Wesson jumped Wednesday after the firearms maker said orders for its guns were stronger than expected.
The company also boosted its earnings and sales outlook for the fourth quarter and year.
The Springfield, Massachusetts, company now expects fourth-quarter earnings between 34 cents per share and 36 cents per share, up from its previous outlook between 24 cents per share and 26 cents per share. Analysts expected earnings of 30 cents per share, according to FactSet.
Smith & Wesson now expects revenue between $175 million and $179 million, up from its previous expectations between $162 million and $166 million. Analysts expect revenue of $168.8 million.
For the full year, Smith & Wesson expects earnings between 84 cents per share and 86 cents per share, up from 75 cents per share to 77 cents per share. Analysts expect earnings of 81 cents per share. The company now expects revenue between $546 million and $550 million, up from its previous forecast between $532 million and $536 million. Analysts expect revenue between $539.6 million.
Shares of Smith & Wesson Holding Corp. rose $1.75, or 13.5 percent, to $14.75 in afternoon trading Wednesday.