Firearms maker Smith & Wesson Holding Corp. (SWHC) reported a quarterly profit that more than tripled from last year, helped by a nearly 40 percent rise in sales. The company also raised its forecast for fiscal 2013.
The company said its third-quarter net income rose to $14.6 million or $0.22 per share, compared to $4.4 million or $0.07 per share for the year-ago quarter.
Income from continuing operations for the third quarter was $17.5 million or $0.26 per share, compared to $5.4 million or $0.08 per share in the prior year quarter.
Net sales for the third quarter rose 39% to $136.24 million from $98.13 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.23 per share on revenue of $133.68 million for the third quarter.
Looking forward to the fourth quarter, the company forecast net sales of $165.0 million to $170.0 million and earnings from continuing operations of $0.38 to $0.40 per share. Analysts currently expect the company to earn $0.30 per share on revenue of $155.06 million for the fourth quarter.
The company also raised its full year fiscal 2013 financial guidance. The company now forecasts net sales of $575 million to $580 million and earnings from continuing operations of $1.17 to $1.19 per share. Previously, the company forecast net sales of $550 million to $560 million and earnings from continuing operations of $1.00 to $1.05 per share.
Analysts currently expect the company to earn $1.06 per share on revenue of $561.34 million for the fiscal year 2013.
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