Smith & Wesson Brands Inc (NASDAQ:SWBI) reported financial results for the first quarter after the market close on Thursday. Here’s a rundown of the report.
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Q1 Highlights: Smith & Wesson Brands reported first-quarter revenue of $85.07 million, beating analyst estimates of $79.23 million, according to Benzinga Pro. The company reported an adjusted loss of eight cents per share in the first quarter, beating estimates for a loss of 11 cents per share.
Total sales were down 3.7% on a year-over-year basis. Gross margin fell to 25.9% in the quarter, down from 27.4% in the comparable quarter last year. The company ended the quarter with approximately $17.96 million in total cash and cash equivalents.
“First quarter results came in better than expected, reflecting robust demand for our new products and continued strong market share for our broader portfolio in every firearms category in which we compete. Our performance during the seasonal slow period for firearms demonstrates the strength of our brand and the ongoing success of our innovation strategy,” said Mark Smith, president and CEO of Smith & Wesson Brands.
Smith & Wesson Brands said it expects second-quarter revenue to be about 3% to 5% lower than the comparable quarter last year, but up “significantly” compared to the first quarter.
The company’s board authorized a quarterly dividend of 13 cents per share, payable on Oct. 2 to shareholders of record as of Sept. 18.
Smith & Wesson Brands executives will further discuss the company’s performance on an earnings call at 5 p.m. ET.
SWBI Price Action: Smith & Wesson shares were up 1.46% in after-hours, trading at $8.21 at the time of publication on Thursday, according to Benzinga Pro.
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