Smith & Wesson’s sales plunge to lowest level in 13 years, stock falls toward 2-year low

Smith & Wesson Brands Inc. reported its lowest quarterly sales total in more than 13 years Thursday, sending shares lower in after-hours trading, as gun demand cools from an early pandemic surge.

Smith & Wesson SWBI, -5.14% reported fiscal first-quarter net income of $3.3 million, or 7 cents a share, on sales of $84.4 million, down 69.3% from $274.6 million a year ago. After adjusting for spinoff expenses and other costs, the firearms maker reported earnings of 11 cents a share.

Analysts polled by FactSet expected adjusted earnings of 21 cents a share on sales of $129.8 million.