Smith & Wesson said Tuesday that earnings more than tripled in its most recent quarter. The company also raised its outlook for gun sales this year.

The nation’s second biggest publicly traded gun company said it earned $17.5 million, or 26 cents per share, from continuing operations in the quarter that ended in January. That’s up from $5.4 million, or 8 cents per share, in the same period last year.

Sales jumped 39% to $136.2 million, the company said.

Smith & Wesson was expected to earn 23 cents per share on sales of $134 million, according to analysts surveyed by Thomson Reuters. The results followed a similarly strong quarterly report from gun maker Sturm Ruger last week.

Despite the better-than-expected earnings, shares of Smith & Wesson fell nearly 2% in extended trading.

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