Smith & Wesson Brands Inc. last week reported firearms sales jumped 140.9% to $229.9 million in its first quarter ended July 31.
The firearms maker reported adjusted earnings of 97 cents a share for the quarter, up from just 3 cents in last year’s first quarter.
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Our news partner, Jacksonville Daily Record, reported Smith & Wesson tried to diversify its business with the acquisition of a Jacksonville company, Ultimate Survival Technologies, four years ago, but recent sales showed its growth comes from its roots as a pure-play firearms company.
Smith & Wesson spun off its outdoor products accessories business into a separate public company called American Outdoor Brands Inc. That business also had a big sales increase in the first quarter, up 52.3% to $50.6 million.
UST’s Jacksonville facility was closed last year as the company consolidated operations. It also decided to split in two and turn American Outdoor Brands into a separate company.
“Our record revenue and unit sales during the quarter demonstrates our ability to rapidly respond to increased demand through our flexible manufacturing model and our state-of-the-art distribution facility, delivering outstanding products that resonate with the firearms consumer,” Smith & Wesson CEO Mark Smith said in a news release.