Gun firm Smith & Wesson rises

 
Michael Bow
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GUN-MAKER Smith & Wesson forecast current-quarter results above market estimates yesterday, after reporting higher gun sales in the fourth quarter.

Expectations of new gun controls in the wake of mass shootings such as the Newtown school massacre have driven demand for guns especially among first-time buyers, including a growing number of women and pensioners.

Smith & Wesson said yesterday that it expects first-quarter profit of 34 to 37 cents per share on sales of $162m (£105m) to $167m.

The company forecast a profit of between $1.30 and $1.35 per share and revenue of $605m to $615m for the year ending April 2014.

Analysts on average were expecting a profit of $1.18 per share on revenue of $590.36m.

Smith & Wesson’s fourth-quarter results were virtually unchanged from the numbers the company released earlier this month.

The company’s shares closed at $9.99 on the Nasdaq last night.