A Ruger 22/45 Lite Rimfire Pistol. (Photo: Sturm, Ruger & Co., Inc.)
Sturm Ruger & Co. (RGR) shares were on the rise Thursday after the gun maker said demand has remained intense for pistols and rifles, in part because of the threat that stricter legislation could still pose to the firearms industry.
Following the close of trading Wednesday, the Southport, Conn.-based company reported sales of $179.5 million in the second quarter, a 50% increase from the same period a year ago when revenue totaled $119.6 million. The showing on the top line indicated stout product sales -- Bloomberg data that go back to 1990 turned up no quarters in which sales were higher. Sturm Ruger earned $1.63 a share, up from 91 cents a year prior.
FactSet carries only one analyst's estimates, but according to the available forecasts, the expectation was for sales of $154.7 million with a profit of $1.18. Shares recently were up 5.3% at $53.54 on heavier-than-normal volume. The stock had reached $55.28 earlier in the morning, an 8.7% rise from the last close.
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