Smith & Wesson said Americans are buying more guns, and now its stock is going wild
Shares of Smith & Wesson are going wild.
The gun maker's stock was up by as much as 13% to as high as $14.75 per share in trading Wednesday, the highest in nearly 10 months.
In a release on Wednesday, the company said orders have been stronger than expected in the fourth fiscal quarter.
It raised its expectations for net sales to between $175 million and $179 million, an 8% bump from the range it projected early in March.
For the full-year, the company sees sales totaling $546-$550 million.
Adjusted earnings per share are expected to fall between $0.39-$0.41 in the fourth quarter and $0.96-$0.98 for the full year. Previously, the company had forecast adjusted EPS of $0.29-$0.31 in the fourth quarter and the $0.87-$0.89 for the year.
In its most recent quarter, the company reported net sales fell 10.5%.
The stock is up 55% year-to-date.
Here's a chart showing the spike in trading:
