The gunmaker reported an increase of 61.5 percent in the three months that ended January 31, compared to the same period the year before. Profits also increased dramatically.
Smith & Wesson’s financial performance bears out a pattern: Gun sales time and again jump following mass shootings and other high-profile incidents of violent crime — and the specter of gun control that often follows.
On Dec. 2, 14 people were gunned down in San Bernardino, Calif. A month later, President Obama announced a series of new executive actions intended to address gun violence.
“Smaller handguns designed for concealed carry and personal protection are still very, very popular with the consumer here in the U.S.,” Smith & Wesson CEO James Debney said Thursday night in a conference call with industry experts.
Debney said handgun sales at Smith & Wesson have been greatly outpacing rifles and accounted for 75 percent of all gun sales in the quarter. He attributed this to the “long-term trend toward personal protection.”
The pistols selling well are compact models popular with people who carry concealed weapons. He said gun inventory with distributors is low and the company is planning to boost production.
Overall, gun sales have been booming. Last year was a record year for FBI background checks, which are conducted for every sale from a federally licensed dealer.
December, the month of the San Bernardino terrorist attack, was the biggest month ever nationwide for background checks, which have remained strong in 2016. In February, there were 14,342 background checks in Nevada.
The highest numbers of background checks ever in the Silver State occurred in December 2012 with 22,420 checks.
Two assault rifles, including a Smith & Wesson M&P 15, were used at San Bernardino. Gun control legislation often targets assault rifles because of their frequent use in mass shootings, including the massacre at Sandy Hook Elementary in Newtown, Conn., in 2012.
Various states have imposed restrictions on the military-style semiautomatic rifles, and high capacity magazines have been banned in eight states.
Obama’s executive actions are less potent than the state restrictions, serving primarily to bolster enforcement of existing gun control laws and background checks. But they seem to have driven gun sales all the same, and were fiercely criticized by the NRA.