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Smith & Wesson profit doubles, beats Street view

Mon Jun 22, 2009 5:30pm EDT

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(Reuters) - U.S. firearms maker Smith & Wesson Holding Corp's (SWHC.O) quarterly profit more than doubled and topped estimates, as demand for its handguns and tactical rifles remained strong.

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For the fourth quarter ended April 30, the Springfield, Massachusetts-based company posted a net profit of $7.4 million, or 14 cents a share, compared with $3.3 million, or 8 cents a share, last year.

Smith & Wesson, which rivals with Ruger and Taurus for revolvers and Glock, Ruger and Springfield Armory for pistols, said its firearms backlog increased to $268 million by the end of April.

Net product sales rose 20 percent to $99.5 million.

Analysts on average were expecting the company earn 12 cents a share, excluding items, according to Reuters Estimates.

Shares of the 157-year old company were slightly up at 5.84 in trading after the bell. The stock closed at $5.75 Monday on Nasdaq.

(Reporting by Vidya Lakshmi in Bangalore; Editing by Jarshad Kakkrakandy)
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