Sturm Ruger Profit Falls 76% as Demand for Guns Dwindles
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Sturm, Ruger & Co., the largest publicly traded U.S. firearms maker, reported third-quarter profit that missed analysts’ estimates as demand for guns wanes while retail inventories remain high.
Net income fell 76 percent to $6.78 million, or 34 cents a diluted share, from $28.7 million, or $1.44 a year earlier, the Southport, Connecticut-based company said in a statement. Analysts had estimated 94 cents, the average of three estimates compiled by Bloomberg. Sales dropped 42 percent to $98.3 million missing the average estimate of $143 million.