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Today, we take a look at Smith & Wesson Brands, Inc., an iconic and leading manufacturer of firearms in the United States. After a miserable 2022 for shareholders, Smith & Wesson Brands stock is up some 20% in 2023, as this year should see "trough earnings."
Earnings failed to hit the target.
Smith & Wesson Brands, Inc. (NASDAQ:SWBI ) Q2 2023 Results Conference Call December 6, 2022 5:00 PM ET Company Participants Kevin Maxwell - General Counsel Mark Smith - President & CEO Deana McPherson - CFO Conference Call Participants Mark Smith - Lake Street Rommel Dionisio - Aegis Operator Good day, everyone, and welcome to Smith & Wesson Brands, Inc. Second Quarter Fiscal 2023 Financial Results Conference Call. This call is being recorded.
Smith & Wesson Brands Inc. SWBI, -2.16% stock fell more than 6% in the extended session Tuesday after the firearms manufacturer missed Wall Street expectations for its fiscal second-quarter results, with sales dropping significantly year-on-year on weakened demand. Smith & Wesson earned $9.6 million, or 21 cents a share, in the quarter, compared with $50.9 million, or $1.05 a share, in the year-ago period.
Patience with these stocks could lead to a nice payoff.
The midterm election results were not what many strategists had forecast. A split government could still result in less regulation on the gun industry.
The gun industry has broad legal immunity from the fallout of mass shootings. Experts say plaintiffs in new lawsuits face an uphill battle.
CNBC's Shep Smith reports that gun manufacturer Smith & Wesson was sued today for marketing its guns to young men at risk of causing mass violence.
CHICAGO — Survivors of the mass shooting at a suburban Chicago Independence Day parade and family members of those killed filed 11 lawsuits Wednesday against the manufacturer of the rifle used in the attack, accusing gun-maker Smith & Wesson of illegally targeting its ads at young men at risk of committing mass violence.
Smith & Wesson reported disappointing Q1 earnings results. However, I believe the worst is already behind us.