The 2024 presidential election provided a typical firearms sales boost to Sturm, Ruger & Co. during the fourth quarter, the manufacturer reported Wednesday.
About 490 of Ruger's 1,820 employees are at its production hub in Mayodan.
Fourth-quarter sales were up 11.6% to $145.8 million. Diluted earnings rose 4 cents to 62 cents a share.
However, for fiscal 2024, net income was $30.6 million, down 36.6% from 2023 and down 65.45 from 2022.
Fiscal 2024 sales were at $535.6 million, compared with $543.8 million in 2023 and $595.8 million in 2022.
"We were pleased with our sales growth and improved profitability in the fourth quarter, despite the apparent reduction in consumer demand," Ruger president and chief executive Christopher Killoy said in a statement.
Killoy is stepping down from both positions on March 1 with Todd Seyfert as his successor. Killoy plans to retire from Ruger after 22 years on May 1.
Ruger appeared to have experienced a sales uptick during the fourth quarter in the aftermath of the failed assassination attempts on President Donald Trump during the 2024 campaign.
Some analysts call the response a "gun cycle" that dates back to the two-term presidency of Republican George W. Bush from 2001 to 2009.
In many instances, speculation of enhanced firearms control regulations under a Democratic administration will serve as the impetus for increased sales of either a first-time purchase or stockpiling.
Conversely, a Republican administration committed to the status quo or loosening firearms regulations tends to cool consumer demand.
Killoy said Ruger's focus on new product development, including Ruger 75th anniversary products made at the Mayodan plant, "allows us to succeed during the ebbs and flows of the firearms market."
Those new products represented 32% of Ruger's sales revenue during fiscal 2024.
Ruger responded to the sales downturn in late 2023 and early 2024 by eliminating 80 job positions -- or 4.4% of its workforce -- during the first quarter.
Killoy told analysts the restructuring involves manufacturing, new product development, engineering, and customer and product services.
Ruger's board of directors declared a fourth-quarter dividend of 24 cents per share, payable March 28 to shareholders registered as of March 14. As is typical, the dividend represents 40% of net income for the quarter.
The company spent $34.4 million during 2024 to repurchase 835,060 shares at an average price of $41.19 per share.
336-727-7376
@rcraverWSJ
The business news you need
Get the latest local business news delivered FREE to your inbox weekly.
Sign up! * I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy. Richard Craver Author email Follow Richard Craver Close Get email notifications on {{subject}} daily! Your notification has been saved. There was a problem saving your notification.
{{description}}
Email notifications are only sent once a day, and only if there are new matching items.
Save Manage followed notifications Close Followed notifications Please log in to use this feature Log In Don't have an account? Sign Up Today