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Sturm, Ruger & Company, Inc. Reports Third Quarter Diluted Earnings Of 28¢ Per Share and Declares Quarterly Dividend of 11¢ Per Share
Sturm, Ruger & Company, Inc. (NYSE: RGR) announced today that for the third quarter of 2024, net sales were $122.3 million and diluted earnings were 28¢ per share. For the corresponding period in 2023, net sales were $120.9 million and diluted earnings were 42¢ per share.
For the nine months ended September 28, 2024, net sales were $389.9 million and diluted earnings were $1.15 per share. For the corresponding period in 2023, net sales were $413.2 million and diluted earnings were $2.13 per share.
The Company also announced today that its Board of Directors declared a dividend of 11¢ per share for the third quarter for stockholders of record as of November 13, 2024, payable on November 27, 2024. This dividend varies every quarter because the Company pays a percentage of earnings rather than a fixed amount per share. This dividend is approximately 40% of net income.
Chief Executive Officer Christopher J. Killoy commented on the 2024 results, "The diversity of our products has been instrumental to our performance this year. We capitalized on the strong demand for several of our product families, including the Ruger American Rifle Generation II bolt-action rifles, the Marlin lever-action rifles, and the Security-380 pistol, maintaining our market share without sacrificing our long-term focus or pricing discipline. Despite the current promotion-rich environment, the estimated sell-through of our products from our independent distributors to retailers increased while our finished goods inventory and our distributors' inventories have decreased 125,000 units in the past year. We are well positioned to increase production entering the traditionally stronger fall and winter selling seasons, allowing us to capitalize on the pent up demand for our more sought after products."
Mr. Killoy discussed Ruger's storied history, "Developing innovative new products to drive growth, excitement, and profitability has been the hallmark of Ruger since its inception 75 years ago. We are proud to have introduced so many new offerings in this milestone year:
And we are not done. Keep an eye out for an exciting new product launch in the coming months."
Mr. Killoy concluded with an update from the National Association of Sporting Goods Wholesalers Annual Exposition, "We were thrilled to be recognized by our wholesale customers with three industry awards at this year's NASGW Show in Kansas City, Missouri. We were named 'Firearm Manufacturer of the Year' for the second consecutive year, and the 12th time in the past 15 years. Additionally, the Ruger American Rifle Generation II rifle earned the NASGW-POMA Caliber Awards for 'Best New Rifle' and 'Best New Overall Product'."
Mr. Killoy himself was honored with the NASGW "Chairman's Award" which is the highest honor from the NASGW Board of Directors, given to those with long-lasting, significant impact in the outdoor shooting sports industry.
Mr. Killoy made the following observations related to the Company's third quarter 2024 performance:
Today, the Company filed its Quarterly Report on Form 10-Q for the third quarter of 2024. The financial statements included in this Quarterly Report on Form 10-Q are attached to this press release. - View Release
Tomorrow, October 31, 2024, Sturm, Ruger will host a webcast at 9:00 a.m. ET to discuss the third quarter operating results. Interested parties can listen to the webcast via this link or by visiting Ruger.com/corporate. Those who wish to ask questions during the webcast will need to pre-registerprior to the meeting.
The Quarterly Report on Form 10-Q for the third quarter of 2024 is available on the SEC website at SEC.gov and the Ruger website at Ruger.com/corporate. Investors are urged to read the complete Quarterly Report on Form 10-Q to ensure that they have adequate information to make informed investment judgments.
About Sturm, Ruger & Co., Inc.
Sturm, Ruger & Co., Inc. is one of the nation's leading manufacturers of rugged, reliable firearms for the commercial sporting market. With products made in America, Ruger offers consumers almost 800 variations of more than 40 product lines, across both the Ruger and Marlin brands. For 75 years, Ruger has been a model of corporate and community responsibility. Our motto, "Arms Makers for Responsible Citizens®," echoes our commitment to these principles as we work hard to deliver quality and innovative firearms.
The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.
Sturm, Ruger & Co., Inc. "Arms Makers for Responsible Citizens®"