Stephen Z via (https://creativecommons.org/licenses/by-sa/2.0/) Flickr

The arms industry is one of the few sectors in the economy to not be hit by the pandemic or general downturn of the economy, Smith and Wesson is reporting a 102% increase in sales.

Smith and Wesson have been putting up big numbers over the past year, the company reported $257.6 million in sales for the third fiscal quarter as opposed to $127.4 million the previous year.

The company is attributing most of the sales to the massive increase in first time gun buyers.

From Fox Business: 

“Over the past year, millions of our fellow Americans from all walks of life have chosen to empower themselves by exercising their 2nd Amendment rights for the first time,” President and Chief Executive Officer, Mark Smith, said in Thursday’s earnings release. “Our loyal employees have risen to the challenge – delivering over 1.8 million units in the first three quarters of our fiscal year alone, ensuring that these new members of the shooting sports community were able to choose the highest quality, innovative firearms that Smith & Wesson has been known for since 1852.”

The company reported net income of $62.4 million, or $1.12 per diluted share, compared with $7.8 million, or $0.14 per diluted share, for the comparable quarter last year. Smith & Wesson reported a gross margin of 42.6%, compared with 28% for the same quarter last year.

Smith & Wesson’s record-breaking financial performance in the quarter, which ended Jan. 31, 2021, allowed it to generate $60 million in operational cash, complete a $50 million dollar share-repurchase program, and pay its second-quarter dividend.

In 2020 gun sales rose 75% so many manufactures are experiencing the same sort of boon. This increase in sales is bound to help the fight for the second amendment and encourage new developments on the gun scene.

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