On Monday, Smith & Wesson raised its sales estimate, saying the market was "stronger than originally anticipated".
The number of background checks on potential buyers - a guide to future sales - has also risen.
The National Instant Criminal Background Check System said that checks were up by about 38% last month compared with December 2014.
Smith & Wesson's trading update said that for the three months ending 31 January it expected sales to be about $175m-$180m. Earlier guidance put the likely figure at between $150m and $155m.
The company said that "the sell-through rate of its products at distribution has been stronger than originally anticipated, resulting in reduced distributor inventories of its firearms". That means guns are being bought faster than Smith & Wesson can supply them.
The firm said its net profit was $14.2m (£9.46m) for the period, compared with $5.2m for the same period last year.
In December, the company reported that profits had nearly tripled for the three months to October.
Mass shootings
On Monday, the White House unveiled proposals for gun control measures that require more sellers to get licences and more gun buyers to undergo background checks.The US Bureau of Alcohol, Tobacco, Firearms and Explosives will require that people who sell guns at stores, at gun shows or over the internet be licensed and conduct checks,
The bureau is also finalising a rule requiring background checks for buyers of dangerous weapons from a trust, corporation or other legal entity as well. Mr Obama is due to disclose further details about the plans on Tuesday.
The president has vowed to curb gun violence and unregulated sales after a series of mass shootings, which included last month's attack in San Bernardino, California, that killed 14 people.
James Hardiman, an analyst at Wedbush Securities, said the increase in gun sales was probably due to buyers fearing tougher controls.
News of the stronger gun market saw Smith & Wesson's shares close up 5.9% on Monday, despite stock markets in general falling sharply. Competitor Sturm Ruger saw its share rise 2.9% to a 52-week high.
By: BBC.
Review: Emerging Market Formulations & Research Unit, Flagship Records.
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