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Gunmaker American Brands warns business is slowing as background checks fall

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Gunmaker American Outdoor Brands warns business is slowing as background checks fall, sending shares down 5%.

Shares of the company, formerly Simth & Wesson, fell more than 6% early Friday.American Outdoor Brands, formerly Smith & Wesson, reported third-quarter results Thursday evening which beat Wall Street expectations, but the stock fell as disappointing guidance was driven by a decrease in firearm background checks.

The company reported adjusted earnings of $0.16 a share, coming in above the $0.12 consensus of analysts surveyed by Bloomberg. Net sales of $162 million outpaced the $161 million that analysts were looking for. American Outdoors said it expects to earn an adjusted $0.11 to $0.15 a share in the fourth quarter, which was well below the $0.20 that was anticipated. Shares were down more 5% early Friday.

American Outdoors pointed to a slowdown in the number of National Instant Criminal Background Check System background checks, generally considered to be the best proxy for consumer firearm demand, as a reason for its disappoinitng outlook. The number of background checks fell nearly 13% year-over-year in February, according to the company.

"That number is the lowest adjusted NICS result to any February since 2011 and certainly appears to validate the ongoing challening market conditions that we have already referenced," CEO James Debney said on the call.

 

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