Business

Smith & Wesson shares drop on weak forecast

Smith & Wesson shares fell more than 11 percent Friday morning after the gun maker forecast sales and profits would tumble in the next 12 months.

The 162-year old Springfield, Mass., company late Thursday told Wall Street it expected profits in the year ending April 30, 2015, to fall as much as 14.5 percent, to between $1.30 and $1.40 a share.

Sales as Smith & Wesson, whose .44 caliber Magnum revolver was made famous by Clint Eastwood’s “Dirty Harry” big screen character, will dip 6.7 percent, to between $585 million and $600 million, executives predicted.

Profits in the year ended April 30 were up 13.5 percent and margins plumped as revenue climbed 6.7 percent.

Shares in late morning trading Friday were off 10.1 percent to $15.28 in heavy trading.