Gun Sales Skyrocketing: Smith & Wesson Reports Record profits
The Obama Administration’s assault on the right to bear arms is in for a hell of a lot of resistance from Americans, because gun sales are skyrocketing. The gun manufacturer Smith & Wesson has announced that in the second quarter of 2012, their net sales reached a record $136.6 million. This was an increase of 48.0% from the second quarter of 2011.
The rise in sales was reflected in all the different firearms, which include M&P™ branded products, such as pistols, modern sporting rifles, and the recently launched Shield™ pistol.
The company posted a gross profit for 2012’s second quarter of $48.5 million, or 35.5% of net sales, which was a steep increase from 2011’s $24.6 million, or 26.7% of net sales.
Smith & Wesson reported that their net profit from the second quarter of 2012 was a massive $16.4 million, or $0.24 per diluted share, as opposed to 2011 when it was $948,000, or $0.01 per diluted share. Net sales for the third quarter of 2012 are expected to be between $126.0 million and $131.0 million, a year-over-year growth from continuing operations that’s more than 30.0%.