Smith & Wesson earning record profits on gun sales

Smith & Wesson profits and shares surge as presidential election heats up.

The Springfield, Mass.-based gunmaker reported a 20 percent increase in net sales reaching a record $412 million in the full fiscal year ending April 30.

Fourth quarter profits were up nearly 30 percent from the year before.

The Wall Street Journal said the biggest surge occured in modern sporting rifles, sales of which jumped 72 percent.

The two biggest reasons for the spike in gun sale profits?

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Daily Finance reported that Smith & Wesson believe it is the rising number of women gun owners and due to the upcoming presidential elections, in which the incumbent president is believed to be hostile to gun ownership.

Obama has yet to enact any laws regarding gun control but fear among gun owners lingers if he is re-elected.

Another possible reason for the excellent sales results was the release of the M&P Shield, a compact polymer pistol, CNN reported.

Smith & Wesson was created in the mid-1850s and remains a storied company in the American psyche.

Its most celebrated gun is the .44 Magnum, a giant handgun used by movie character "Dirty Harry," played by Clint Eastwood.