Thanks, Obama: Gun Sales Soaring

(RTTNews) - President Barack Obama is apparently the new "gun salesman of the year."

Yesterday, gun-maker Smith & Wesson (SWHC) reported a third-quarter profit that trumped Wall Street expectations, as revenues jumped 61 percent fueled largely by a 56 percent increase in firearms sales. Moving ahead, the company seems to be more optimistic as it increased its guidance for next year.

Smith & Wesson Chief Executive James Debney, in a conference call on Thursday, said that the higher demand for firearms reflects "potential impact of news events and the current political environment."

Meanwhile, another gunmaker Sturm Ruger & Co's CEO Michael Fifer had last week said he expects a boost in demand for the company's firearms if a Democrat becomes next president.

Democratic presidential candidate Hilary Clinton has been raising voice for to make laws more stringent for gun purchases. Fear of restrictions on purchase of guns have increased its sales in the past.

The demand for guns had surged after President Barack Obama announced that he will initiate series of actions to curb use and sale of guns. Gun shops across the countries have all reported a sudden increase in gun sales as political talks regarding gun control continues.