Smith & Wesson (NASDAQ:SWHC) reports decreased sales of long guns contributed 87% of the company's FQ1 revenue tailoff.
Gross margin rate -540 bps to 37.2% due in part to the shift in mix away from long guns.
Operating expense ratio +320 bps to 17.7%.
The company sees FY15 EPS of $0.89-$0.94 vs. $1.34 consensus.
Shares of SWHC are under a trading halt.