Obama’s plan to introduce gun control measures has resulted in the increased sales of firearms.
Smith & Wesson, one of the largest gun manufacturers in the country, has announced that sales are through the roof. Management just announced it was raising its guidance because sales have been so strong.
For the three months ending January 31, it estimates it had $175 million to $180 million in sales, up from its earlier guidance of $150 million to $155 million. This new guidance is much higher than the $155 million expected by analysts.
Earnings per share are estimated to come in at $0.39 to $0.41 per share, which is way above the $0.27 to $0.29 it previously saw. Analysts were only expecting $0.29.
Indeed, 2015 shattered previous records for gun sales, as the FBI processed a record number of firearms-related background checks.
Over 23 million checks were processed through the National Instant Background Check System in 2015, an all-time record.
On Monday, the Obama administration announced that Obama’s impending executive order could ensure that even those selling just one firearm will have to obtain a Federal Firearms License.
The order will also resurrect a plan to prevent many Social Security recipients from buying guns, a move that could see millions of Americans barred from legally owning firearms.
Nevertheless, Obama said he is “confident” that new gun control measures will not violate the Second Amendment.
Meanwhile, Obama’s Press Secretary once again cited misleading statistics on gun violence to get the point across.
While he claimed that there are 30,000 gun deaths a year in the US, Josh Earnest neglected to point out that 20,000 are those are suicides, and that justified shootings, and gang related shootings are also lumped in with those figures.
GOP presidential contender Rand Paul reacted to the announcements on executive gun control by saying he will “fight Obama tooth and nail” on the issue.
The Libertarian leaning Senator has introduced legislation that would render any action on gun legislation by the president which circumvents Congress as “advisory only” in nature.