Smith & Wesson forecasts first-quarter results above estimates
June 25 (Reuters) - Gunmaker Smith & Wesson Holding Corp forecast current-quarter results above market estimates, after reporting higher firearms sales in the fourth quarter.
Fears of new gun controls in the wake of mass shootings such as the Newtown school massacre and the Aurora theater shooting have driven demand for guns especially among first-time buyers, including a growing number of women and pensioners.
Smith & Wesson said on Tuesday that it expects first-quarter profit of 34 to 37 cents per share on sales of $162 million to $167 million.
Analysts on average were expecting a profit of 29 cents per share and revenue of $141.15 million, according to Thomson Reuters I/B/E/S.
The company forecast a profit of between $1.30 and $1.35 per share and revenue of $605 million to $615 million for the year ending April 2014. Analysts on average were expecting a profit of $1.18 per share on revenue of $590.36 million.
Smith & Wesson's fourth-quarter results were virtually unchanged from the numbers the company released earlier this month.
The company's shares closed at $9.99 on the Nasdaq on Tuesday.