Why Firearm Maker Smith & Wesson's Shares Are Shooting Higher Today
Portfolio Pulse from Shivani Kumaresan
Smith & Wesson Brands, Inc (NASDAQ:SWBI) shares rose after reporting a 6.5% year-on-year sales growth to $137.5 million in Q3 FY24, surpassing analyst estimates. Despite a contraction in gross margin and a decrease in operating income, adjusted EPS of $0.19 exceeded expectations. The company also announced a $0.12 per share quarterly dividend. SWBI shares are up 9.45% in premarket trading.
March 08, 2024 | 2:29 pm
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Smith & Wesson reported a 6.5% sales growth in Q3 FY24, beating estimates, with adjusted EPS of $0.19 and announced a $0.12/share dividend. Shares rose 9.45% in premarket.
The positive earnings report and the announcement of a dividend are likely to boost investor confidence in SWBI, leading to a short-term positive impact on the stock price. The significant premarket rise indicates strong investor response to the news.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100