(CNBC) 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.
“We are underserving the market at this moment, we all know that, and that’s a great opportunity going forward for us,” CEO James Debney said in a conference call with analysts.