Smith & Wesson earnings more than triple as demand for guns soars

http://www.latimes.com/business/money/la-fi-mo-smith-wesson-earnings-20130306,0,6458306.story

Smith & Wesson earnings more than triple as demand for guns soars
By Shan Li

Gun maker Smith & Wesson Holdings Corp. said its fiscal third-quarter earnings more than tripled from the previous year as Americans hurried to purchase firearms amid wrangling by lawmakers around the country over stricter weapons laws.

Covering the three months ended Jan. 31, the results span a period in which a mass shooting at a Connecticut elementary school that left 20 children dead elevated the national conversation on firearm restrictions.

The Springfield, Mass., company reported a profit of $14.6 million, or 22 cents a share, a 228% increase from the $4.4 million, or 7 cents a share, it earned in the same period a year earlier. Sales rose 38.8% to $136.2 million, from the earlier period.

Smith & Wesson also raised its earnings guidance for its 2013 fiscal year. It forecasted total sales between $575.0 million and $580.0 million, a significant jump from the year before.