Sturm, Ruger & Co. (RGR), the largest publicly traded U.S. gun maker, reported a 45 percent jump in third-quarter sales, on high demand for new firearms.
Revenue surged to $170.9 million in the three months ended in September, from $118.2 million a year earlier, the Southport, Connecticut-based company said in a statement today. That beat the $136 million estimate of Andrea James, an analyst at Dougherty & Co. in Minneapolis, who rates the shares neutral.
Sturm Ruger cited high demand for its new products, including the LC380 pistol, the SR45 pistol, and the Ruger American Rimfire rifle. The new products sales represented 32 percent of firearm sales in the first nine months, according to the statement. Demand for Sturm Ruger products outpaced industry demand, the company also said.
Third-quarter net income climbed to $28.7 million, or $1.44 a share, from $17.3 million, or 88 cents, a year earlier, the company said.
Sturm Ruger shares rose less than 1 percent to $71.04 at the close in New York today, the highest value since at least Sept. 18, 1985. The stock has risen 56 percent this year.
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