SMITH & WESSON BRANDS, INC. [AOBC], a leading firearms manufacturer, announced its financial results for the quarter ended July 31, 2023. The company reported a net income of $3.12 million for the quarter, compared to $3.31 million in the same period last year. The quarterly revenue reached $114.24 million, showing a significant increase from $84.39 million in the prior year quarter.
Despite a slight decline in net income, Smith & Wesson Brands, Inc. displayed a strong financial performance during the quarter. The company's gross profit stood at $30.40 million, resulting in a gross profit margin of approximately 26.6%. Operating income for the quarter was reported at $4.35 million, reflecting the company's ability to efficiently manage its operating expenses. Smith & Wesson Brands, Inc. recorded a total operating expense of $26.05 million, a slight decrease from $27.55 million in the same quarter last year.
The quarterly revenue of $114.24 million demonstrated impressive growth for Smith & Wesson Brands, Inc. This increase can be attributed to strong demand for firearms, as well as the company's continued focus on new product development and effective marketing strategies. Compared to the prior year quarter, the company achieved a revenue growth rate of approximately 35.4%. This growth indicates the company's ability to capitalize on market opportunities and meet the evolving needs of its customers.
Smith & Wesson Brands, Inc. maintains a strong financial position with a total assets value of $537.66 million as of July 31, 2023. The company's current assets reached $264.15 million, including cash and cash equivalents of $55.48 million. With a stable amount of total liabilities at $154.94 million, Smith & Wesson Brands, Inc. exhibits financial stability and a solid foundation for future growth. The company's retained earnings stood at $520.77 million, indicative of its ability to generate consistent profits over time.
The earnings per share (EPS) for Smith & Wesson Brands, Inc. for the quarter ended July 31, 2023, were $0.07 for both basic and diluted shares. This compares to the EPS of $0.07 in the same period last year. The company's weighted average number of common shares outstanding increased slightly to 46.55 million in the current quarter, compared to 46.10 million in the prior year quarter. The steady EPS highlights the company's ability to effectively manage its operations and deliver value to its shareholders.
Looking ahead, Smith & Wesson Brands, Inc. remains optimistic about its future prospects. The company continues to invest in research and development, aiming to deliver innovative products to its customers and maintain a competitive edge in the firearms industry. With a strong financial position and a focus on operational excellence, Smith & Wesson Brands, Inc. is well-positioned to capitalize on the growing demand for firearms and deliver sustainable long-term growth.
Smith & Wesson Brands, Inc. reported a net income of $3.12 million for the quarter ended July 31, 2023, showcasing a strong financial performance despite a slight decrease compared to the prior year quarter. The company achieved impressive revenue growth, reaching $114.24 million, representing a growth rate of approximately 35.4%. With stable financials and a focus on innovation and operational excellence, Smith & Wesson Brands, Inc. is well-equipped to navigate the evolving market landscape and capitalize on future opportunities.