Smith & Wesson stock slips as coronavirus saps non-firearm sales
Smith & Wesson Brands Inc. shares slipped in the extended session Thursday after the gun maker's results topped Wall Street estimates even as COVID-19 hurt sales of outdoor equipment. Smith & Wesson shares declined 1.1% after hours, following a 3.3% rise in the regular session to close at $18.72. The company reported a fiscal fourth-quarter loss of $66.1 million, or $1.20 a share, compared with net income of $9.8 million, or 18 cents a share, in the year-ago period. Non-firearm outdoor product sales were particularly hit by the COVID-19 pandemic, the company said, resulting in a $98.7 million, or $1.79 a share, charge under accounting standards. Adjusted earnings were 57 cents a share. Revenue rose to $233.6 million from $175.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 40 cents a share on revenue of $217.6 million. The company plans to complete its spinoff of American Outdoor Brands Corp. in August. The company had changed its name back to Smith & Wesson during the quarter.
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