Updated from 1:51 p.m. EDT
Momentum flowed back into
Monday after the stun-gun maker said 2004 revenue would be about 5% higher than analysts were forecasting.
The Scottsdale, Ariz.-based company said calendar year 2004 revenue would grow by 150%, up from its previous forecast of merely 100%.
"After reviewing the first half of 2004 continuing levels of new business, we feel it is appropriate to increase our revenue growth forecast for the year," the company said in a statement, adding the "guidance revision is particularly significant, given the fact that none of the orders that we had expected from international and military sources during the first half of our year have yet materialized."
Taser makes advanced non-lethal weapons for use in the law enforcement, private security and personal defense markets but has become best known for its stun gun.
Taser's new revenue guidance comes out to about $61.3 million for 2004.
Analysts expected Taser to earn $15.8 million, or 51 cents a share, on revenue of $58.4 million for the year, according to Thomson First Call. That's a revenue gain of about 138% over 2003's $24.5 million, showing that Wall Street was already expecting revenue growth well above Taser's own estimate.
Shares were recently up $4.63, or 18%, to $30.40, well off their split-adjusted, 52-week high of $64.15 hit in April. Shares split in both April and February of this year, following an enormous rally dating back to mid-2003.