Gunmaker Smith & Wesson was down more than 11% in pre-market trading after the company slashed its full-year sales expectations for the second time in two months. 

On Tuesday, the company said full-year sales were now expected to be $530 million to $540 million, well short of current estimates for about $593 million, and also sharply lower than the $585 million to $600 million expectations the company laid out in June. 

The company also said that for its fiscal first quarter that ended July 31, Smith & Wesson reported revenue of $131.9 million, lower than the $133.4 expected by analysts, and down $39.2 million from last year.

The company said lower sales of long guns, including modern sporting rifles, drove 87% of this first-quarter decline. 

Gross profit in the second quarter was $49.1 million, down from $72.8 million in the prior year period, and the company earned $0.26 per share, slightly better than the $0.25 expected by Wall Street.

Smith & Wesson said, however, that handgun sales showed "continued consumer demand for the company's small concealed carry polymer pistols and revolvers."

"We believe that the current environment reflects high inventories industry-wide resulting from channel replenishment that occurred following an earlier surge in consumer buying," Smith & Wesson CEO James Debney said in a statement. "That environment, combined with typical seasonality that slows consumer buying activity during the summer, is causing us to lower our financial outlook for fiscal 2015."

Debney added: "We expect the industry will continue to deliver growth over the long term."

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