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MA – INDUSTRY INSIDER – Smith & Wesson parent AOBC announces earnings, fails to meet Wall Street expectations

American Outdoor Brands Corp., the parent company of Springfield icon Smith & Wesson, failed to meet earnings and revenue expectations, according to a quarterly report released Thursday after the close of the stock market. The company’s stock — AOBC on the NASDAQ — fell by more than $2 a share in after-hours trading. American Outdoor Brands reported net income for its third quarter — the three months ending Jan. 31 — of $5.7 million, or 10 cents per diluted share, reversing a net loss of $5.7 million, or 10 cents a share, for the comparable quarter last year. Adjusted net income was $6.9 million, or 13 cents per share. Analysts had projected adjusted earnings per share of 23 cents. Quarterly net sales were $166.7 million compared with $162.0 million for the same three months of last year, an increase of 2.9%. The company said a change required by the Tax and Trade Bureau related to the timing of federal excise tax assessment within the company’s firearms segment favorably impacted net sales in the quarter by $10.1 million. President and CEO P. James Debney left American Outdoor Brands in January, receiving more than $1 million in severance. The company said at the time that Debney’s departure followed a “determination by the Board of Directors that he engaged in conduct inconsistent with a non-financial company policy.” The company did not elaborate.  [full article]

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