Smith & Wesson Holding Corp., one of the nation’s foremost gun manufacturers, has more than doubled its earnings in the past few months.
The reason for the revenue rise is simple, company executives say in their most recent quarterly earnings report: Demand is huge.
Sales have surged since the December shooting at Sandy Hook in Newtown, Conn, in anticipation of federal crackdown on Second Amendment rights, The Wall Street Journal reported. For the second quarter in a row, executives say they are struggling to meet demand — even though they’ve adjusted and expanded production lines.
The quarter that wrapped April 30 included profits of $25.2 million, the company reported. That’s up from $12.5 million a year ago. Revenues, meanwhile, rose 38 percent, to nearly $178 million, the company reported.
“Significant increases in our manufacturing capacity, combined with continued robust consumer demand for firearms, resulted in higher sales of our most popular M&P products,” said James Debney, president and chief executive, in the Journal.