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Smith & Wesson (SWHC) Stock Soars on Higher Guidance

NEW YORK (TheStreet) -- Smith & Wesson (SWHC - Get Report) stock is gaining by 7.35% to $24.99 in pre-market trading on Tuesday, after the firearm manufacturer raised its third quarter and fiscal 2016 guidance on Monday evening.

The company now expects revenue for the three months ending January 31 to range between $175 million and $180 million, higher than the prior expected range between $150 million and $155 million.

Smith & Wesson has forecast adjusted earnings to range between 39 cents per share to 41 cents per share for the quarter, up from the previous expected range between 27 cents per share and 29 cents per share.

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For the fiscal 2016 full year, Smith & Wesson now anticipates revenue will range between $650 million and $660 million, and adjusted per-share earnings to be between $1.36 and $1.41.

The updated guidance comes as the sell-through rate of Smith & Wesson's products has been higher than originally expected, leading to lower distributor inventories of the company's...