Smith & Wesson expects higher fourth-quarter results; shares rise
(Reuters) - Gun maker Smith & Wesson Holding Corp (SWHC.O) said it expected to report higher fourth-quarter results, sending its shares up 6 percent in extended trading.
Mass shootings such as the Newtown school massacre and the Aurora theater shooting have triggered fierce gun control debates in the United States and prompted President Barack Obama to push for legislation to curb gun violence.
Fears of new gun controls have spurred demand of guns, particularly among first-time buyers including a growing number of women and pensioners.
Smith & Wesson estimated net income at about 44 cents per share for the quarter ended April 30. Analysts on average were expecting a profit of 40 cents per share, according to Thomson Reuters I/B/E/S.
The company, which sells guns under brands such as Smith & Wesson, M&P and Thompson/Center, said it expected net sales to increase 38 percent to $179 million, above estimates of $170.72 million.
Separately, the company announced a $100 million stock repurchase program.
Smith & Wesson shares were up at $9.85 after the bell after closing at $9.30 on the Nasdaq on Thursday.
(Reporting By Maria Ajit Thomas in Bangalore; Editing by Maju Samuel)
- Air strike kills 15 civilians in Yemen by mistake: officials
- North Korea executes leader's powerful uncle in rare public purge |
- Student opens fire at Colorado high school, wounds two classmates
- Man arrested for suspected suicide plot to blow up Kansas airport
- Storm to cloak Midwest to Northeast in snow, freezing rain