“There is a fear of gun control regulation which drives a lot of our consumers to go out and buy firearms,…”
Smith & Wesson on Thursday reported major upticks in sales and profit during the quarter leading up to the election of President-elect Joseph Biden.
Smith & Wesson, one of the leading gun manufacturers, said that sales more than doubled in the quarter ending on Oct. 31, to $248.7 million, compared to $113.7 million in the year-ago quarter. The company also reported net income of $52.2 million for the quarter, compared to $1.3 million in the year-ago quarter, and said it has zero net debt.
It was the second consecutive record-breaking quarter for the 168-year-old company, Chief Executive Officer Mark Smith said in an earnings call.
By Aaron Smith