Tags: Gunmaker | Smith | Wesson | Forecast

Gunmaker Smith & Wesson's Forecast Disappoints

Thursday, 05 Sep 2013 04:59 PM

Gunmaker Smith & Wesson Holding Corp. forecast current-quarter results below analysts' estimates as it expects to lose several days of production, sending its shares down more than 4 percent in extended trading Thursday.

The company, which reported a higher profit for the first quarter, said it expects second-quarter income from continuing operations of 20 cents to 22 cents per share on sales of $135.0 million to $140.0 million.

Analysts on average were expecting earnings of 29 cents per share on revenue of $143 million, 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 would lose several days of production in the second quarter due to a shift to a new resource planning system.

The company, which competes with Sturm Ruger and Co. and privately held Glock Inc. and Taurus, said revenue rose to $171.0 million in the quarter ended July 30.

Net income rose to $26.5 million, or 40 cents per share, from $17.8 million, or 27 cents per share, a year earlier.

Springfield, Massachusetts-based Smith & Wesson's shares, which have risen more than 30 percent this year, were down about 4.3 percent at $10.97 in aftermarket trading.

© 2017 Thomson/Reuters. All rights reserved.

 
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Gunmaker Smith & Wesson forecast current-quarter results below analysts' estimates as it expects to lose several days of production, sending its shares down more than 4 percent in extended trading Thursday.
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2013-59-05
Thursday, 05 Sep 2013 04:59 PM
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