RTTNews | Sep 2, 2021 10:15AM EDT

10:15 Thursday, September 2, 2021 (RTTNews.com) - Shares of firearm manufacturer Smith & Wesson Brands, Inc. (SWBI) are trading down 6 percent on Thursday despite the company recording higher profit in its first quarter of 2022. While earnings came in above the Street view, the sales figures fell short of analysts' estimates.

The company posted net income of $76.9 million or $1.57 per share in the first quarter, up from $43.3 million or $0.77 per share in the same period last year.

Excluding items, income was $77.1 million or $1.57 per share, compared to $46.8 million or $0.83 per share in the year-ago quarter.

On average, six analysts polled by Thomson Reuters expected the company to post earnings of $1.29 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Quarterly sales rose 19.5 percent to $274.6 million from $229.8 million in the prior year period, while analysts were looking for sales of $278.6 million.

Currently at $23.52, the stock has traded between $14.50 and $39.61 during the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3222967/smith-wesson-slips-6-q1-earnings-beat-but-sales-miss-view.aspx)

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