The Springfield, Massachusetts-based handgun manufacturer Smith & Wesson Holding Corp. (SWHC) is scheduled to report second-quarter earnings after the market closes Thursday, with analysts projecting earnings of $0.09 per share. In the year-ago period, the company reported adjusted earnings of $0.01 per share on net product sales of $72.7 million.
According to the National Shooting Sports Foundation, the FBI's National Instant Criminal Background Check System or NICS reported 1.09 million checks in September 2009, up 12.4% from the 973 thousand reported in September 2008 and demonstrates that sale of new and used firearms are remaining strong and continuing to grow.
Smith & Wesson projects second-quarter sales between $103 million and $105 million. Five Wall Street analysts have a consensus revenue estimate of $104.90 million.
For the first quarter, the company posted net income of $12.57 million or $0.21 per share, up from $2.25 million or $0.05 per share prior year, benefiting from an increase in product and service revenues, improved gross margins and lower expenses. Net product and services sales for the quarter grew 30.3% to $102.24 million from $78.48 million in the previous year.
During the first quarter, Firearm sales advanced 29.6%, pistol sales increased 14.5% and Walther product sales grew 44.2% from last year. Sales of M&P15 tactical rifles in the quarter increased triple fold from the prior year.
Revolver sales dropped 4.0% from the previous year, a decline related to low finished goods inventory at the start of the quarter, combined with strong demand for smaller-framed revolvers, which carry a lower retail price. Non-firearm sales grew 38.7% from $5.4 million in the first quarter of last year.
Among Smith & Wesson's rivals, Sturm, Ruger & Co. Inc. (RGR) reported third-quarter net income of $7.1 million or $0.37 per share, compared to $372 thousand or $0.02 per share in the prior year quarter. Total net sales advanced to $71.2 million from $41.8 million in the previous year.
Smith & Wesson shares, which have been trading between $2.04 and $7.52 in the past 52 weeks, are currently trading at $5.72, up 4 cents or 0.70%.
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