Smith & Wesson announces ‘highest quarter ever on record,’ first billion-dollar year in its history
Company is distributing over $14 million to eligible employees.
Storied U.S. gun manufacturer Smith & Wesson this week announced a record-setting fiscal year amid an ongoing gun-and-ammunition frenzy in the United States that has persisted since last year.
Company CEO Mark Smith said in a company earnings call on Thursday that the gun manufacturer in the past fiscal year "surpass[ed] $1 billion in sales for the first time in our 169-year history."
Smith said the company also posted "fourth quarter revenue of nearly $323 million," which he said was "the highest quarter ever on record and marks the fourth consecutive record-breaking quarter for the company."
He said the record year allowed the company to "completely pay off our $160 million debt, return over $8 million to shareholders through dividends and reduce our outstanding shares by over 14%."
The company's surging profits come as U.S. gun and ammunition sales have consistently shattered records, with monthly U.S. gun background checks up significantly year-over-year and an ongoing ammo shortage continuing to grip the country's consumer guns market.