Famous gun-maker triples profits
One of the world’s most famous gun-makers, Smith & Wesson, has nearly tripled its profits in three months to October compared to a year earlier.
The firm said its net income was US$14.2 million (£9.46 million), for the period compared to US$5.2 million, for the same quarter last year.
The United States gun maker said net sales were up 32.1 per cent to US$143.2 million, with its firearms division contributing US$18.4 million – an increase of 24.6 per cent.
Its shares rose to 4.65 per cent on the news.
The company said its overall results had beaten expectations and that it would now raise its 2016 guidance for income and revenue. Cash flow for the six months to October was positive, despite a build up in inventory in the lead up to the Christmas shopping season, the firm reported.
For the first half of fiscal 2016, we generated $22.8 million in operating cash flow and $8.6m in free cash flow despite our seasonal inventory build in preparation for the hunting and holiday shopping seasons,” chief executive officer James Debney said. – BBC
The firm said its net income was US$14.2 million (£9.46 million), for the period compared to US$5.2 million, for the same quarter last year.
The United States gun maker said net sales were up 32.1 per cent to US$143.2 million, with its firearms division contributing US$18.4 million – an increase of 24.6 per cent.
Its shares rose to 4.65 per cent on the news.
The company said its overall results had beaten expectations and that it would now raise its 2016 guidance for income and revenue. Cash flow for the six months to October was positive, despite a build up in inventory in the lead up to the Christmas shopping season, the firm reported.
For the first half of fiscal 2016, we generated $22.8 million in operating cash flow and $8.6m in free cash flow despite our seasonal inventory build in preparation for the hunting and holiday shopping seasons,” chief executive officer James Debney said. – BBC
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