Smith & Wesson Pistol Sales Up Nearly 50%
Across the country, Americans are purchasing handguns in record numbers, and Smith & Wesson is riding this wave of gun buying. S&W reports that its pistol sales rose a whopping 45.7% in the third quarter of 2008. Due in large part to the rise in handgun revenues, Smith & Wesson Holding Corp. (NASDAQ:SWHC) reported Thursday that it posted a third-quarter profit of $2.4 million, or 5 cents a share, compared to a loss of a loss of $1.8 million, or 4 cents a share, a year ago.
The company’s third-quarter results easily beat Wall Street estimates. For the quarter, pistol sales jumped 45.7 percent during the quarter while net product sales rose 25.9 percent. Said CEO Michael Golden, “While our hunting business continues to suffer in the current economic environment, the market for hunting rifles in a healthy economy is a sizeable one. In addition, this portion of our business produces barrels for our tactical rifles, products that are clearly in very high demand right now.”
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Tags: Pistol, Revolver, Smith Wesson
