The Springfield, MA, based company said in a July report that it had a “difficult” financial quarter as revenue fell from a year earlier.
The gun trade for US consumers continued in 2020 and 2021 due to concerns over the global COVID-19 pandemic, civil unrest surrounding the presidential election, and police killings of unarmed black men.
As expected, Smith & Wesson CEO Mark Smith said in a press release that first-quarter earnings reflected a return to standard demand patterns for retail gun sales and temporary relief from channel inventory changes.
Smith & Wesson reported quarterly results for competitor Sturm, Ruger & Company on Aug. 3. Shares of Sturm, Ruger & Co. have fallen about 20% since the report.
Reports From The Company
Throughout Thursday’s earlier trading session, Smith & Wesson fell 1%.
Including its additional downfall behind the closing bell, Smith & Wesson had plunged higher than 40% after Dec. 2, when it cautioned that demand was easing from global epidemic highs.
Smith & Wesson reported a GAAP net revenue of $3.3M for its July fiscal quarter, descending from $76.9M in the year-ago period. Net sales declined 69% to $84.4M.