Sturm, Ruger & Co. reports a 19% jump in sales and greater demand for guns (RGR)
Reuters/Eric Thayer
Sturm, Ruger & Co. reported a rise in second-quarter sales as demand for its firearms increased.
The company on Tuesday said it earned $167.9 million in net sales, up 19% year-on-year. Adjusted earnings per share totaled $1.22. No analyst estimates were available for comparison from Bloomberg.
In the earnings statement, CEO Michael Fifer noted that new products like the AR-556 sporting rifle drove one-third of all sales.
Independent distributors sold more guns to retailers amid increased demand across the industry and a rise in background checks, Fifer said.
The company's shares gained 16% this year through the market close on Tuesday. They rallied some more in June as the gun control debate got louder after the Orlando mass shooting. Investors anticipated that gun sales would rise out of fear that firearms may be harder to get if tougher laws are passed.
In the first quarter, the company's net sales jumped 26%, as background checks jumped during the same period.
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