Barraged with a surge in demand for its firearms, Smith & Wesson is vowing to continue to ramp up manufacturing.
Smith & Wesson(SWHC) reported that its gun sales jumped by 42% for the 2013 fiscal year, which ended on April 30 with record salesof $587.5 million. The company reported net income of $78.7 million more than quadrupling it's prior-year results.
Going forward, the gun maker expects to keep breaking sales records.
"Although the company continued to increase its production capacity, it was unable to meet the ongoing demand across most of its firearm product lines, resulting in additional growth in the company's order backlog," said Smith & Wesson, in its earnings statement.
Smith & Wesson's CEO said that increasing manufacturing capacity allowed the company to make "serious traction" in gaining market share. Smith & Wesson's top U.S. competitors include Sturm, Ruger(RGR), Colt Firearms and the Freedom Group, which owns Remington and Bushmaster.
"Pistols continue to sell exceptionally well," said Chief Executive Officer P. James Debney. But he added that "inventory remains at a very low level."
Smart rifle means hunters never miss
While pistols are popular, the market has been especially hot for semiautomatic rifles, also known as assault rifles, though the industry prefers to call them modern sporting rifles. Debney specifically mentioned the M&P 10 modern sporting rifle as a brand for which the company is expanding capacity.
Prices for the rifles have increased and gun shop owners and managers -- even at major retailers like Cabela's(CAB) and WalMart(WMT) -- have told CNNMoney they've had trouble keeping them in stock.