Smith & Wesson stock rallies after quarterly sales jump 35%

Shares of Smith & Wesson Brands Inc. (SWBI) rose more than 8% in the extended session Thursday after the gun maker reported a 35% jump in sales in its fiscal 2024 first quarter, and said it expects more ahead of the busier fall season. Smith & Wesson earned $3.1 million, or 7 cents a share, in the quarter, compared with $3.3 million, or also 7 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 13 cents a share. Sales rose to $114.2 million. Analysts polled by FactSet expected Smith & Wesson to report adjusted EPS of 9 cents a share on sales of $101 million. Product inventory "remained steady throughout the seasonally slow period this summer, indicating healthy pull through of our shipments" at both distributors and retailers, Chief Executive Mark Smith said. "Combined with healthy, lean channel inventories as we enter the traditionally busy fall season, we anticipate these tailwinds will allow us to continue to deliver strong results." Smith & Wesson stock ended the regular trading day down 3%.

-Claudia Assis

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09-07-23 1628ET

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