Sturm, Ruger & Company reported a decrease in net sales to $136.8 million and diluted earnings of 40¢ per share for the first quarter of 2024, compared to $149.5 million in net sales and 81¢ per share in diluted earnings for the same period in 2023. The company declared a dividend of 16¢ per share for the first quarter. Strategic moves were executed, including a reduction in force, to improve efficiency and productivity.
Net sales for the first quarter of 2024 were $136.8 million, a decrease compared to $149.5 million in the first quarter of 2023.
Diluted earnings per share were 40¢ for the first quarter of 2024, compared to 81¢ per share for the same period in 2023.
A dividend of 16¢ per share was declared for the first quarter of 2024.
A reduction in force impacted approximately 80 employees, resulting in a severance expense of $1.5 million and expected annualized savings of approximately $9 million.
The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected.
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