(AOF) – Smith & Wesson shares soared 9.90% to $11.55, supported by thriving quarterly activity. In the first quarter, ended at the end of July, the American arms manufacturer’s revenues soared 35.4% to $114.2 million. The group generated net profit of $3.1 million, or 7 cents per share, compared to $3.3 million and 7 cents per share, respectively, a year earlier. Adjusted earnings per share came in at 13 cents. Its profits suffered headwinds from seasonal declines in production volumes and inflation.
“Our sales results reflect strong consumer demand for the Smith & Wesson brand at retail. Inventories of our products remained stable throughout this summer’s seasonal slowdown, which indicates a good flow of our shipments, both at the distributor and retailer level. (…) Combined with healthy and lighter stocks as we approach fall, a traditionally busy season, we anticipate that these favorable winds will allow us to continue to deliver strong results,” said CEO Mark Smith.
Consistent with the Company’s capital allocation strategy, its Board of Directors has authorized a quarterly dividend of 12 cents per share, to be paid to shareholders of record on September 21, 2023, with payment made on October 5, 2023.
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