Smith & Wesson shares soar after company beats earnings forecast
Smith and Wesson Holding Corp. shares rose late Thursday after the gun maker reported earnings above Wall Street expectations. Smith & Wesson said it earned $35.6 million in the fiscal fourth quarter, compared with $21.9 million in the year-ago quarter. Adjusted for one-time items, Smith & Wesson earned $37.4 million, or 66 cents a share, compared with $24.9 million, or $54 cents a share, in the year-ago quarter. Net sales hit $221.1 million in the quarter, up 22% from a year ago. Analysts polled by FactSet had expected the gun maker to report adjusted earnings of 54 cents a share on sales of $214.5 million. The company forecast adjusted earnings of 49 cents a share to 53 cents a share for the three months ending July 31. Shares rose more than 7% after ending the regular trading day up 1.3%.
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