People just arenrsquot stocking up on firearms the way they used to.
Gun maker Smith amp Wesson said on Thursday that rifle sales dropped by more than half in the Springfield, Mass. companyrsquos latest quarter. The steep decline is part of a 22% dip in overall sales for Smith amp Wesson, according to the companyrsquos second-quarter earnings report.
Smith amp Wesson blamed the sales misfire on a drop-off in consumer demand from last year, when the fear of potential government restrictions on gun ownership led gun-owners to stockpile firearms. Earlier this year, the company warned of lower gun sales in the U.S. going forward as part of a lowered sales forecast for the rest of the year.
Smith amp Wesson shares dipped as much as 4% in after-hours trading as investors reacted to the latest disappointing sales numbers from the company, which has seen its stock drop 30% since the start of the year and reported overall sales that were off by 24% in the first quarter.The Brief Newsletter Sign up to receive the top stories you need to know right now. View Sample Sign Up Now
Also on Thursday, Smith amp Wesson reported second-quarter profits of $5.1 million, or 9 cents per share, which is down from nearly $17 million in the same quarter last year. The companyrsquos $108.4 million in second-quarter revenue actually beat Wall Street estimates (of around $105 million), but Smith amp Wesson also delivered a lower than expected third-quarter outlook. The company expects earnings in the current quarter to fall between 9 cents and 11 cents per share, while analysts were expecting 21 cents per share.
This article originally appeared on Fortune.com
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