NEW YORK (TheStreet) -- Taser International (TASR) shares are climbing 4.14% to $33.71 in trading on Monday as the company continues to gain following its earnings release last week and an announcement that the U.S. Department of Justice plans to spend $20 million on body cameras similar to the one the company makes.
The Justice Department's announcement of its investment in body cameras came on the same day that Maryland State Attorney Marilyn Mosby announced that her office was filing charges against six officers in connection to the death of Freddie Gibbs.
The DOJ said that the investment was just the initial round of funding for its three-year $75 million plan to dispense 50,000 body cameras to police departments around the country.
Separately, last week the Scottsdale, AZ-based company, which also makes electronic non-lethal weapons for law enforcement such as tasers, reported a 18.1% increase in sales in its weapons segment to $38.3 million. Overall revenue increased 23.7% to $44.76 million, beating analysts' $39.97 million estimates.
The company reported earnings of 13 cents per diluted share for the period, more than double the 6 cents per share analysts had forecast.
"TASER International is off to an outstanding start in fiscal 2015 thanks to strength in the TASER Weapons segment, as well as continued growth and new wins in the AXON business," CEO Rick Smith said. "New programs such as the Standard Issue Grant Program are examples of how we are partnering with law enforcement agencies for the long-term, and we are enthusiastic thus far about the results of our investments."