Smith & Wesson Brands President and CEO Mark Smith has weighed in on the Supreme Court’s ruling that struck down a New York law placing restrictions on carrying a concealed handgun in public.
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“So just broadly on the ruling, I mean, it simply clarifies that responsible law-abiding citizens don’t need to ask the government’s permission to exercise their constitutional rights,” Smith told analysts and investors on the company’s fourth quarter earnings call on Thursday . “We obviously agree with this. And insofar as impact to concealed carry in our products, concealed carry is a pretty big portion of our market.”
Smith said the ruling is expected to have a “positive impact” on the company, although he acknowledged it is “probably too early to tell.”
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The existing standard required of an applicant to show “proper cause” for seeking a license. In order to show proper cause, residents had to show an “actual and articulable” need for self defense and that they face a “special or unique danger to their life.”
“In this case, petitioners and respondents agree that ordinary, law-abiding citizens have a similar right to carry handguns publicly for their self-defense. We agree too, and now hold, consistent with Heller and McDonald, that the Second and Fourteenth Amendments protect an individual’s right to carry a handgun for self-defense outside the home,” Justice Clarence Thomas wrote in the Court’s opinion, referencing two previous gun cases.
“Because the State of New York issues public-carry licenses only when an applicant demonstrates a special need for self-defense, we conclude that the State’s licensing regime violates the Constitution.”
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Smith & Wesson Brands reported net sales of $181.3 million for the fourth quarter of 2022, down 43.9% when compared to a year ago. The company’s quarterly profit was $36.1 million, or 79 cents per diluted share, compared to $89.2 million. Adjusted for one-time gains and costs, the company’s profit was 82 cents per share.
Smith & Wesson stock has climbed more than 11% on Friday.
Fox News’ Ronn Blitzer contributed to this report