Smith & Wesson Brands’ Shares Sinks by 14.7%
According to reports, the share prices for Smith & Wesson Brands have plummeted tremendously in extended trading. The data shows that the stocks for the maker of firearms have dipped by 14.7%. The dip was recorded when Smith & Wesson Brands publicly shared the fiscal third-quarter earnings.
In the earnings report, Smith & Wesson Brands has revealed that the earnings it generated in the fiscal third quarter were lower than the predictions made by the analysts.
According to the Refinitiv analysts, Smith & Wesson Brands was expected to generate adjusted earnings worth 83 cents per share. However, Smith & Wesson Brands only managed to generate adjusted earnings worth 69 cents per share.
Smith & Wesson Brands also revealed that the revenue the Refinitiv analysts had predicted was $198.3 million. However, Smith & Wesson Brands only achieved revenue that was worth $177.7 million from the fiscal third quarter.
Mark Smith, the CEO at Smith & Wesson Brands has shared the reason why they were unable to meet the earnings plus the revenue estimations. According to Smith, the sales for firearms were exceptional during the pandemic. They were recording high sales for firearms throughout the pandemic period and the lockdowns.
However, as the lockdowns were lifted, they recorded a huge fall in their sales for firearms. As the earnings estimations were made keeping the earnings of earlier quarters in mind, a huge gap was witnessed in generating earnings.
Sweetgreen Observes 20% Surge in Share Prices
The share prices for Sweetgreen have reportedly jumped at a high rate in the after-hours trading. The data shows that the shares for Sweetgreen witnessed an upsurge after sharing the earnings data for the last quarter of 2021.
According to Sweetgreen, the Refinitiv analysts had predicted that Sweetgreen would hit revenue worth $84.7 million. However, Sweetgreen managed to generate revenue worth $96.4 million. For the respective quarter, Sweetgreen has reported that the net sales it generated were 63% more than the same quarter of the former year.
The officials at Sweetgreen have revealed that for the respective quarter, they did end up recording a net loss. However, this is the first time Sweetgreen has shared its earnings for a completed quarter ever since making a public debut. The shares for Sweetgreen have surged by 20% after sharing its earnings for the particular quarter.
There are several other companies that have made significant moves in terms of their stocks in premarket trading. These companies include Walmart (2.30% gains), Bank of China (1.89% gains), Comcast (1.60% gains), Costco (0.96% gains), and Verizon with 0.96% gains among others.