Still, Smith and Wesson(SWHC) lowered overall guidance for the year. Executives now expect sales to come in between $530 million and $540 million. In June, they predicted sales would be between $585 million and $600 million at the end of the fiscal year, which ends in April.
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In the past couple of years, the gun industry saw an intense run-up in demand, fueled by concerns of more rigorous gun restriction. But President Obama has failed to get a bill through Congress that increases regulation and Americans are buying fewer guns.
Shares of rival gun maker Sturm Ruger(RGR) also fell Tuesday, but its drop was less dramatic.