Smith & Wesson’s latest quarterly report—issued last week for the three-month period ending Jan. 31—reflects a 102.2-percent increase over the same timeframe last year. Net sales set a record for the company at $257.6 million.
“I could not be more proud of our dedicated American workforce as, for the third time in a row, they delivered a record-breaking quarter for our great historic company,” Mark Smith, Smith & Wesson president and CEO said. “Over the past year, millions of our fellow Americans from all walks of life have chosen to empower themselves by exercising their 2nd Amendment rights for the first time, and our loyal employees have risen to the challenge—delivering over 1.8 million units in the first three quarters of our fiscal year alone, ensuring that these new members of the shooting sports community were able to choose the highest quality, innovative firearms that Smith & Wesson has been known for since 1852. All of this was accomplished while implementing and maintaining aggressive safety measures and process changes to keep safe in the midst of the COVID pandemic.”
“Smith & Wesson’s record-breaking financial performance enabled us to generate $60 million of cash from operations during the quarter,” said Deana McPherson, the company’s executive vice president CFO. “This allowed us to complete a $50 million share-repurchase program, pay our second quarter dividend, and continue to invest in capital, all while growing our cash on hand by $4.1 million during the quarter. I am pleased to announce that our Board has authorized a new $100 million dollar share repurchase program and a $0.05 per share dividend to stockholders of record as of March 17, 2021, with payment to be made on March 31, 2021.”