Acknowledging that the firearms market is returning to historical norms after the surge in pandemic-driven demand last year, SWBI reported net income of $30,542,000 in the fiscal third quarter ended Jan. 31, down 51% from $62,390,000, as revenues slipped 31% to $177,738,000 from $257,634,000. Smith & Wesson avers it made the best of the outsized demand while it lasted, noting that the windfall allowed it to pay down $160 million in debt, spend $220 million on dividends and stock buybacks, and invest nearly $40 into the business. Compared to FQ3 ’19, revenues are up 39%, gross margin expanded by 1,160 ... Log in to view full article.