Smith & Wesson (NASDAQ:SWHC) shares jumped sharply in Friday mid-day trading on an improved profit outlook for the year and stronger-than-expected quarterly numbers.
The gun maker said it earned $17.8 million during its fiscal first quarter, compared to just $791,000 in the same period last year.
Quarterly sales hit $136 million, soaring 48% over 2011, and easily beating Wall Street’s forecast of $128.7 million, Fox Business noted.
Adjusted EPS for the first quarter was 28 cents, which also surpassed analysts’ predictions of 18 cents a share.
Shares of Smith & Wesson Holdings climbed more than 13% as investors took in the news.
The company increased its outlook for the current quarter and fiscal year. It now predicts ernings of between 19 cents and 21 cents a share for the second quarter on sales of between $130 million and $135 million, topping Wall Street’s estimate of profits of 13 cents a share on sales of $119 million.
For the year, Smith & Wesson forecasts earnings of between 85 cents and 90 cents a share on sales of between $530 million and $540 million. Analysts were anticipating earnings of 63 cents a share on sales of $498.2 million for the year.