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By Dhirendra Tripathi
Investing.com – Smith&Wesson (NASDAQ:SWBI) stock was up over 5% in Friday’s premarket trade after the gun manufacturer offered up a slew of positive announcements.
Driving the shares were quarterly results that beat estimates for earnings as well as on the top line, a new share buyback program and a higher dividend. The company posted record revenue and earnings on a GAAP basis.
Net sales for the fourth quarter ended April 30 were $322.9 million compared with $193 million for the comparable quarter last year, an increase of 67.3%. It was expected to be $259.8 million, according to an Investing.com poll of analysts.
Quarterly non-GAAP net income more than trebled to $89.6 million, or $1.71 per diluted share from $27.5 million or $0.50 per diluted share.
Net income on GAAP basis was a record $89.2 million for the quarter.
The board of the firearms maker has approved a new $50 million share repurchase program as well as a 60% increase in the quarterly dividend to 8 cents per share from 5 cents earlier.