Shares of Smith & Wesson Holding Corp., the second-largest publicly traded firearms company, fell in late trading Tuesday after the company cut its full-year sales and profit forecasts amid declining demand for guns.

Sales will be $530 million to $540 million in the fiscal year ending in April, the company said in a statement. Smith & Wesson, based in Springfield, Massachusetts, had previously forecast $585 million to $600 million. Profit will be 89 cents a share to 94 cents a share this year, compared with $1.30 to $1.40 seen earlier, it also said.

Shares of the gunmaker dropped as much as 19 percent to $10.55 in extended trading in New York. Smith & Wesson has declined 2.9 percent this year while Sturm Ruger & Co., the biggest publicly traded gunmaker, tumbled 30 percent.

Smith & Wesson cited high inventories and sluggish sales during the summer for the forecast reductions. Sales in the first quarter declined because of lower demand for modern sporting rifles, the company said.

Around 6 p.m. in New York, Smith & Wesson shares were down 10.5 percent at $11.72. Sturm & Ruger shares were down 4.3 percent at $48.85.