Smith & Wesson Thursday reported earnings of $2.5 million, or 5 cents per share in its most recent quarter compared with $9.6 million, or 21 cents per share, for the same time period last year.
Net sales were $125.0 million, an increase of $3.9 million, or 3.2%, over same three months of last year.
The company’s board of directors authorized a 12 cents per share quarterly dividend.
Smith & Wesson opened its new headquarters and factory in Tennessee two months ago but is retaining a significant presence here in Springfield with about 1,000 employees.
Smith & Wesson is keeping some of its manufacturing operations in Springfield including the forge, metal working, machining, finishing, assembly of 1911-style handguns and revolver assembly.
“We were very pleased with our second-quarter results, which continued to reflect our innovative new product introductions and our consumers’ enduring loyalty to the Smith & Wesson brand,” said Mark Smith, president and CEO.
Smith & Wesson’s shipments outperformed federal background check statistics by 7%, Smith said in a news release.
He said Smith & Wesson is winding down the major investment in our new facility in Tennessee, a relocation that cost up to $158 million.
The company retains about 1,000 employees at its plant in Springfield. Operations that remain here include forge, metal working, machining, finishing the assembly of Colt 1911-syle handguns and revolver assembly.
Earlier this week, four congregations of Catholic nuns sued Smith & Wesson over the company’s manufacture and marketing of AR-15-based military-style rifles often used in mass shootings.
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