CEO credits "long-term trend toward personal protection"
Gun sales at Smith & Wesson are on the rise, getting a huge year-over-year boost during the same quarter as December’s deadly shootings in San Bernardino, Calif.
The gunmaker’s revenue increased 61.5% during the quarter that ended Jan. 31, coming in at $211 million. The company also posted a gross profit of $87 million for the quarter, up from $44 million a year prior.
Handgun sales in particular have been increasing rapidly, making up 75% of the firm’s total gun sales during the quarter. On an earnings call, CEO James Debney said this boost was a “long-term trend toward personal protection.”
There are other signs that people are buying up lots of guns. There were 2.6 million background checks conducted on people trying to purchase firearms in February, the third-highest figure for a single month, according to the FBI. Background checks peaked in December 2015, when the San Bernardino attacks occurred.