Smith & Wesson Holding Corp., one of the nation's foremost gun
manufacturers, has more than doubled its earnings in the past few months.
The reason for the revenue rise is simple, company executives say in their most recent quarterly earnings report: Demand is huge.
Sales have surged since the December shooting at Sandy Hook in Newtown, Conn, in anticipation of federal crackdown on Second Amendment rights, The Wall Street Journal reported. For the second quarter in a row, executives say they are struggling to meet demand -- even though they've adjusted and expanded production lines.
The quarter that wrapped April 30 included profits of $25.2 million, the company reported. That's up from $12.5 million a year ago. Revenues, meanwhile, rose 38 percent, to nearly $178 million, the company reported.
"Significant increases in our manufacturing capacity, combined with continued robust consumer demand for firearms, resulted in higher sales of our most popular M&P products," said James Debney, president and chief executive, in the Journal.
(c)2013 The Washington Times (Washington, DC)
Visit The Washington Times (Washington, DC) at www.washingtontimes.com
Distributed by MCT Information Services
Most Popular Stories
- American Airlines, US Airways Complete Merger
- ACA Delay Stresses Small Businesses
- Questions Remain in Jenni Rivera's Death
- Unemployed Wait as Lawmakers Debate
- Harley Issues Motorcycle Recall
- General Dynamics Plans 200 New Jobs in N.M.
- Auto Dealer Builds Big Solar Project
- Entrepreneurs' Next Creation May Be New Laws
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Dell Offers Undisclosed Number of Employee Buyouts