MSN Money reports that Smith & Wesson’s share price took a 10% hit after sales were below Wall Street exceptions …

But its weaker-than-expected​ forecast and news that the nation’s recent gun-buying frenzy appears to be over took their toll on the company’s share price Friday, knocking it down more than 10% to $10.31.

On Thursday, Smith & Wesson reported its first-quarter net sales were $171 million, up nearly 26% compared with fiscal first-quarter 2013. Income was $26.5 million, or 40 cents per share, compared to $18.9 million, or 28 cents a share, a year ago.

“Ongoing increases in our manufacturing capacity, combined with strong consumer demand for firearms, resulted in increased market share and higher sales,” president and CEO James Debney said in the press statement.

But where Smith & Wesson misfired, at least in Wall Street’s eyes, was in its outlook. It estimates net sales for fiscal second-quarter 2014 at between $135 million and $140 million, with earnings per share at somewhere between 20 cents and 22 cents. While the full-year forecast jibed with expectations, Barron’s reports analysts were looking for the company to predict 29 cents per share with $143 million in sales for coming quarter.

Retailers, manufacturers and OEM supplies are all telling me the same thing: sales are still  strong, but we are long past the frenzy we saw late last year and earlier this year.