Smith & Wesson Brands, Inc last week announced its financial results for the second quarter of fiscal year 2021 and the news was all good.
The quarter, which ended Oct. 31, 2020, saw the completed spin-off from American Outdoor Brands who retained its outdoor products and accessories business, leaving the 168-year-old S&W to move forward with its own firearms products and associated M&P and Performance Center brands as well as Thompson/Center Arms, and suppressor-maker Gemtech.
The Second Quarter figures were sweet, including a 118.7 percent increase in quarterly net sales from $113.7 million to $248.7 million when compared to the same quarter from last year. Longarm sales more than doubled, climbing 217 percent to $76 million while handgun sales saw a more modest 98 percent growth to $161 million. The record-breaking financial performance gave S&W $49.1 million in net income, left them with $55.5 million of cash on hand, and zero bank debt-- in the same year that firearms giant Remington was broken up at bankruptcy auction.
"Because of the hard work of our employees, who have been diligently following our safety protocols, we have been able to continue safely operating our business and, during these extremely difficult times when so many of our fellow Americans are out of work, we successfully created and filled 287 new jobs during our second quarter," said Mark Smith, President and Chief Executive Officer. "Along with our existing employees, our new team members played a critical role in achieving these record-breaking numbers."
As noted by The Motley Fool, the net sales data blew away analyst estimates, who had pegged S&W at hitting just $223 million in sales. The news of Big Blue's second record-setting quarter saw the company's publicly traded stock climb 5.2 percent to $15.91.