What: Shares of Smith & Wesson Holding Corp. (NASDAQ:AOBC) were up 10% as of 11:50 p.m. Friday after the gun manufacturer reported better-than-expected fiscal-first-quarter 2016 results.

So what: Quarterly revenue climbed 12.1% year over year to $147.8 million, which translated to an 18.8% increase in adjusted net income to $17.7 million, and an 18.5% gain on a per-share basis to $0.32. Analysts, on average, were anticipating revenue of $142.8 million, and earnings of just $0.22 per share.

Smith & Wesson CEO James Debney added, "Our first quarter results exceeded our expectations for sales and net income in both our firearms and accessories divisions." On the former, sales increased 1.9% to $134.4 million, driven by strong demand for M&P 15 Sport rifles, Thompson/Center Venture bolt-action rifles, and M&P Shield polymer pistols. On the latter, accessories sales climbed 29.9% to $13.3 million, thanks primarily to Smith & Wesson's acquisition of Battenfeld Technologies this past December.  

Now what: Consequently, Smith & Wesson also raised its full-year guidance. As it stands, fiscal 2016 revenue is expected to be $610 million to $620 million, while adjusted net income per share should arrive in the range of $1.14 to $1.19. Wall Street, for its part, was modeling full-year earnings of $1.04 per share on revenue of $611.4 million.

Put simply, I can't find anything not to like in Smith & Wesson's latest solid performance. In the end, and even though Smith & Wesson stock has had a stellar run so far in 2015, I still think shares are attractive trading around 20 times trailing-12-month earnings and 15 times next year's estimates. 

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.