A sharp decline in demand for firearms contributed to Sturm, Ruger & Co. experiencing a 59% plunge in second-quarter net income to $6.2 million. Diluted earnings were 35 cents, down from 86 cents a year ago. There were no earnings forecast from Zacks Investment Research. Ruger released the report after the stock market closed Wednesday. Investors sent the share price down as much as 9.5% in after-market trading, which typically foreshadows early trading the next day. Christopher Killoy, Ruger’s chief executive, said that “thus far, 2019 has been challenging for the firearms industry.” Ruger reported firearms sales tumbled 25.2% to $94.9 million. “Our internal surveys of distributors and retailers indicate that the overall market for new firearms in the first half of the year may have declined more than the adjusted NICS data would indicate,” Killoy said. The National Instant Criminal Background Check System background checks declined 5% in the second quarter, reflecting overall decreased consumer demand for firearms. [full article]
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