© Reuters.
By Yasin Ebrahim
Investing.com — Smith & Wesson Brands reported Thursday quarterly results that missed analysts’ estimates as demand for firearms normalized and bloated inventory levels weighed on sales.
Smith & Wesson Brands Inc (NASDAQ:) fell more than 10% in afterhours trading following the report.
The company reported adjusted of $0.11 in Q1 on revenue of $84.4 million, missing Wall Street estimates for $0.21 a share and $129.8 million, respectively,
The weaker-than-expected results “reflected a return to a normal demand pattern at the retail counter for firearms combined with temporary headwinds from inventory corrections within the channel,” the company said.
Looking ahead, the company said it continued to “expect strong profitability over the remainder of the year aided by our disciplined approach to cost control and promotional spending.”
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