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Smith & Wesson Brands Inc. (SWBI) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports net sales for the quarter of $129.7 million, an increase of 3.8% compared to the same quarter last year. The gross margin improved to 26.6% from 25.4% in the prior year.
Net income for the quarter was $4.1 million, or $0.09 per diluted share, compared to $2.5 million, or $0.05 per diluted share, in the same quarter last year.
For the six months ended October 31, 2024, net sales were $218.0 million, a decrease of 8.9% from the same period last year. The gross margin was reported at 26.9%, up from 26.0% in the prior year.
Net income for the six-month period was $2.0 million, or $0.04 per diluted share, down from $5.6 million, or $0.12 per diluted share, in the previous year.
The company repurchased 1,624,300 shares of its common stock for $22.6 million during the six-month period.
Smith & Wesson also reported an increase in inventory levels, which rose by $35.5 million since April 30, 2024, due to a slowdown in demand and efforts to maintain manufacturing capacity.
Operating income for the quarter was $7.0 million, an increase from $3.8 million in the same quarter last year, attributed to higher net sales and improved gross margins.
The company disclosed that it had $100.0 million of borrowings outstanding under its revolving credit line as of October 31, 2024, with an average interest rate of 6.92%.
Smith & Wesson announced a regular quarterly dividend of $0.13 per share, payable on January 2, 2025, to stockholders of record as of December 19, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Smith & Wesson Brands Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.