The gun business is booming. The question is, why?
Smith & Wesson stock Friday was zooming, thanks to a stellar earnings report. The firearms maker also boosted its outlook for the rest of the year. Because of the strong business, its backlog of orders more than doubled from the same quarter last year, the company is concentrating on boosting production and building inventory.
â€œWe are underserving the market at this moment, we all know that, and that’s a great opportunity going forward for us,â€ CEO James Debney said in a conference call with analysts.
And another gun maker, Sturm, Ruger & Co., also hit a milestone of sorts in terms of meeting consumer demand. It produced its one-millionth gun of the yearâ€¦well ahead of last yearâ€™s pace.
“It took us nearly all of 2011 to build one million firearms, but in 2012 we accomplished it on August 15th,â€ said Ruger President and CEO Mike Fifer in a statement.
To read more, visit: Â http://www.cnbc.com/id/48943733
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