Smith & Wesson owner’s stock takes a shot to the gut

New York Post | 12/9/2017 | Staff
adele2234 (Posted by) Level 3
Click For Photo:

The company that owns gun maker Smith & Wesson got hammered by investors Friday after it revealed its earnings plunged 90 percent in the most recent quarter.

The gun run appears to have jammed. In the five...

President - Trump - Congress - Second - Amendment

With President Trump and a Republican-led Congress firmly behind Second Amendment rights, the panic-driven buying that had boosted business during the Obama Administration is no longer goosing sales, according to analysts.

Shares of American Outdoor Brands, which changed its name from Smith & Wesson early this year, saw its shares drop 9.5 percent to $13.51 as it revealed net income in the quarter ended Oct. 31 fell to $3.2 million from $32.5 million a year ago.

Earnings - Call - Market - Close - Thursday

During an earnings call after the market’s close on Thursday, CEO James Debney blamed tough comparisons with a year ago, noting that “personal safety concerns and pre-election fears of increased firearm legislation” had helped generate a record year for gun sales in 2016.

To accommodate last year’s surge in demand for firearms — propelled by worries that then-President Obama or candidate Hillary Clinton would tighten gun laws — the industry stepped up production leading into the election.

Surprise - Victory - Donald - Trump - National

The surprise victory of Donald Trump — a Republican endorsed by the National Rifle Association — has left gunmakers with excess inventories.

“Since then, we have reduced our internal production rates and...
(Excerpt) Read more at: New York Post
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!