Smith & Wesson Holding Corp. (SWHC: Quote) Thursday reported an increase in profit for the first quarter, helped mainly by higher revenues.
The company also provided an outlook for the second quarter and raised its financial outlook for the fiscal 2013. Following the announcement, shares rose 21.2 percent in the extended trade, on the Nasdaq.
Comprehensive income for the quarter increased to $17.8 million or $0.27 per share from $791 thousand or $0.01 per share in the same period last year.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales from continuing operations totaled $136 million, up 48.3 percent from $91.7 million last year. Analysts expected revenues of $128.74 million.
Looking ahead to the second quarter, the company has forecast earnings in the range of $0.19 to $0.21 per share. Sales from continuing operations are expected to range between $130 million and $135 million.
Analysts, based on consensus, currently expect the company to earn $0.13 per share on revenues of $118.98 million.
For the fiscal year 2013, the company raised its earnings outlook to a range of $0.85 and $0.90 per share. This compares to the previous guidance range of $0.60 and $0.65 per share.
The company currently projects net sales from continuing operations in a range of $530 million to $540 million, up from $485 million to $505 million, announced previously.
Analysts currently expect the company to report full-year earnings of $0.63 per share on revenues of $498.24 million.
Smith & Wesson closed Thursday's trade at $9.00, up 3.21%. Shares rose 21.22% to $10.91, gaining $1.91 in the after market hours.
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by RTT Staff Writer
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