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CT – INDUSTRY INSIDER – Ruger finishes fiscal 2019 with continuing sales slump, lower profit; gun-maker has manufacturing plant in Madison

Another quarter of sharp decline in gun sales contributed to Sturm, Ruger & Co. finishing fiscal 2019 on a decidedly down note Wednesday. The company reported a 37.7% drop in fourth-quarter net income to $24.1 million. Diluted earnings fell 36.2% to 44 cents per share. There were no earnings forecasts from Zacks Investment Research. The full-year performance was slightly better: net income decreased by 36.6% to $32.3 million, while diluted earnings were down 37.1% to $1.81. Ruger released the report after the stock market closed. The share price fell by as much as 17.1% in after-market trading to $43.03. That trading typically foreshadows early activity the next day. Much of the after-market decline likely was spurred by recent industry talk that gun sales had begun to firm up recently. The full-year profit decline would have been steeper if not for Ruger paying less income tax, $10.7 million, compared with $17.8 million in fiscal 2018 and $25.5 million in fiscal 2017. The federal corporate tax cut signed into law in December 2017 lowered the rate from 35% to 21% for most corporations. Ruger’s fourth-quarter sales fell 9.2% to $104.4 million. For the full year, sales were down 17.2% from fiscal 2018, at $406.3 million versus $490,607 a year early. The drop was even greater when compared with fiscal 2017, down 21.5% from that year’s $517,701.  [full article]

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