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Sturm, Ruger和Company, Inc.报告第三季度
每股28美分的摊薄收益和
宣布每股分红11美分
康涅狄格州南港，2024年10月30日——史特姆，鲁格尔公司（纽交所-RGR）今天宣布，2024年第三季度净销售额为1.223亿美元，稀释每股收益为28美分。截至2023年同期，净销售额为12090万美元，稀释每股收益为42美分。
截至2024年9月28日的九个月，净销售额为38990万美元，摊薄每股收益为1.15美元。对应的2023年同期，净销售额为41320万美元，摊薄每股收益为2.13美元。
公司今天还宣布，其董事会宣布了每股11美分的第三季度股息，截至2024年11月13日持股人可以获得，将于2024年11月27日支付。由于公司支付的是一个百分比的收益而不是每股固定金额，因此每个季度的股息都会有所不同。这个股息约占净利润的40%。
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首席执行官Christopher J. Killoy评论了2024年的业绩，“我们产品的多样性对我们今年的表现起到了关键作用。我们利用了对几个产品系列的强劲需求，包括Ruger美国步枪第二代螺栓动作步枪、Marlin牛角杆动步枪和Security-380手枪，维持了市场份额，同时没有牺牲我们的长期焦点和定价纪律。尽管当前促销活动丰富，但我们独立经销商向零售商的产品销售预计有所增加，而我们的成品库存和经销商库存在过去一年中减少了125,000件。我们已经做好了进入传统销售旺季秋冬的产能提升准备，这将使我们能够利用对我们更受欢迎产品的潜在需求。”
基洛伊先生讨论了Ruger悠久的历史，“自75年前创立以来，开发创新新产品以推动增长、激动和盈利能力一直是Ruger的特点。我们很自豪在这个里程碑年份推出了很多新产品：
| · | 美国步枪第二代系列步枪， |
| · | Marlin 1894、1895和336型手动装填步枪， |
| · | LC卡宾枪装填着.45自动口径和10毫米自动口径。 |
| · | 75th 纪念版本 Mark IV 靶枪， |
| · | 75th 周年纪念10/22步枪， |
| · | 75th 周年纪念版LCP MAX手枪, |
| · | 75th 周年纪念 1 号步枪，以及 |
| · | Mini-14步枪配有侧折叠枪托。 |
我们还没有完成。请保持关注，即将在未来几个月推出一款令人兴奋的新产品。
Killoy先生在全美体育用品批发商协会年度博览会上总结道：“我们非常高兴在今年的NASGW Show在密苏里州堪萨斯城被我们的批发客户认可，并获得了三项行业奖项。我们连续第二年被评为‘年度枪支制造商’，在过去15年里第12次获得此殊荣。”th 此外，Ruger美国步枪第二代步枪荣获NASGW-POMA口径奖项的‘最佳新步枪’和‘最佳新产品’。
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Killoy先生本人荣获NASGW“主席奖”，这是NASGW董事会颁发给在室外射击体育产业中产生长久而重大影响的人士的最高荣誉。
Killoy先生就公司2024年第三季度表现发表了以下观察：
| · | 公司产品从独立分销商卖出到零售商的预计单位销售量，在2024年前9个月相比前一年同期增加了4%。 相同时期，经国家射击体育基金会调整后的NICS背景调查下降了3%。 |
| · | 新产品销售额，包括安防-380手枪、超级牧马人左轮手枪、马林拉动式步枪、LC卡宾枪、小框枪和美国中心火枪第二代，在2024年前九个月的枪支销售中占到了11330万美元，占总销售的31.2%。新产品销售仅包括过去两年推出的重要新产品。 |
| · | 与2023年第三季度相比，公司和经销商的成品库存分别减少了26,500单位和98,600单位。 |
| · | 2024年前九个月的经营活动现金流为3550万美元。截至2024年9月28日，我们的现金和短期投资总额为9600万美元。我们的流动比率为4.5万亿1，且我们没有债务。 |
| · | 在2024年前九个月，资本支出总计1720万美元，涉及新产品推出、升级我们的制造设备和设施。我们预计2024年的资本支出将达到约2000万美元。 |
| · | 该公司在2024年前九个月通过以下方式向股东返还了3930万美元: |
| o | 每季度支付1000万美元的分红派息，和 |
| o | 以平均成本41.99美元每股，回购699,000股普通股，共计2930万美元，占我们流通股的4%。 |
| · | 2024年9月28日，股东权益为31490万美元，相当于每股18.76美元，其中每股5.72美元为现金和短期投资。 |
今天，公司提交了2024年第三季度的十份季度报告表格10-Q。包含在这份十份季度报告表格10-Q中的基本报表已附在本新闻稿中。
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2024年10月31日，斯特姆·卢格公司将于上午9:00（东部时间）举办网络研讨会，讨论第三季度运营结果。有兴趣的各方可以通过此链接收听网络研讨会，或访问Ruger.com/corporate。希望在网络研讨会期间提问的人士需要在会议前提前注册。
2024年第三季度的第10-Q表格季度报告可以在SEC网站SEC.gov和Ruger网站Ruger.com/corporate上获取。投资者被敦促阅读完整的第10-Q季度报告，以确保他们获得足够的信息做出明智的投资判断。
关于Sturm, Ruger & Co., Inc.
Sturm, Ruger＆Co.公司是该国领先的制造商之一，专门为商业运动市场提供坚固可靠的枪支。Ruger的产品在美国制造，涵盖了Ruger和Marlin品牌的近800种款式，超过40条产品线。75年来，Ruger一直是企业和社区责任的典范。我们的座右铭“为负责任的公民制造武器”，®回应我们对这些原则的承诺，我们努力提供优质和创新的枪支。
公司可能不时对未来期望进行前瞻性声明和预测。这些声明是基于当前的期望，并受特定限定风险和不确定性的影响，如市场需求，枪支销售水平，预期的铸件销售和收入，运营或资本支出的外部融资需求，对公司的待决诉讼的结果，未来枪支管制和环保立法的影响以及会计估计，其中任何一个或多个因素可能导致实际结果与预期结果有实质性差异。读者被告别过分依赖这些前瞻性声明，这些声明仅反映当时的情况。公司无义务发布修订后的前瞻性声明以反映这些声明发布后的事件或情况，或反映后续意外事件的发生。
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STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
| September 28, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash | $ | 7,522 | $ | 15,174 | ||||
| Short-term investments | 88,455 | 102,485 | ||||||
| Trade receivables, net | 60,157 | 59,864 | ||||||
| Gross inventories | 150,460 | 150,192 | ||||||
| Less LIFO reserve | (68,265 | ) | (64,262 | ) | ||||
| Less excess and obsolescence reserve | (6,159 | ) | (6,120 | ) | ||||
| Net inventories | 76,036 | 79,810 | ||||||
| Prepaid expenses and other current assets | 14,944 | 14,062 | ||||||
| Total Current Assets | 247,114 | 271,395 | ||||||
| Property, plant and equipment | 474,501 | 462,397 | ||||||
| Less allowances for depreciation | (401,972 | ) | (390,863 | ) | ||||
| Net property, plant and equipment | 72,529 | 71,534 | ||||||
| Deferred income taxes | 14,918 | 11,976 | ||||||
| Other assets | 38,893 | 43,912 | ||||||
| Total Assets | $ | 373,454 | $ | 398,817 | ||||
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STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued)
(Dollars in thousands, except per share data)
| September 28, 2024 | December 31, 2023 | |||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Trade accounts payable and accrued expenses | $ | 31,495 | $ | 31,708 | ||||
| Contract liabilities with customers | — | 149 | ||||||
| Product liability | 270 | 634 | ||||||
| Employee compensation and benefits | 17,413 | 24,660 | ||||||
| Workers’ compensation | 5,792 | 6,044 | ||||||
| Total Current Liabilities | 54,970 | 63,195 | ||||||
| Employee compensation | 1,712 | 1,685 | ||||||
| Product liability accrual | 61 | 46 | ||||||
| Lease liability | 1,766 | 2,170 | ||||||
| Contingent liabilities | — | — | ||||||
| Stockholders’ Equity | ||||||||
| Common Stock, non-voting, par value $1: | ||||||||
| Authorized shares 50,000; none issued | — | — | ||||||
| Common Stock, par value $1: | ||||||||
| Authorized shares – 40,000,000 2024 – 24,467,983 issued, 16,790,824 outstanding 2023 – 24,437,020 issued, 17,458,620 outstanding | 24,468 | 24,437 | ||||||
| Additional paid-in capital | 49,441 | 46,849 | ||||||
| Retained earnings | 428,014 | 418,058 | ||||||
| Less: Treasury stock – at cost 2024 – 7,677,159 shares 2023 – 6,978,400 shares | (186,978 | ) | (157,623 | ) | ||||
| Total Stockholders’ Equity | 314,945 | 331,721 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 373,454 | $ | 398,817 | ||||
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STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||
| Net firearms sales | $ | 121,512 | $ | 120,368 | $ | 387,349 | $ | 411,114 | ||||||||
| Net castings sales | 775 | 525 | 2,519 | 2,036 | ||||||||||||
| Total net sales | 122,287 | 120,893 | 389,868 | 413,150 | ||||||||||||
| Cost of products sold | 99,615 | 96,165 | 308,639 | 311,788 | ||||||||||||
| Gross profit | 22,672 | 24,728 | 81,229 | 101,362 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling | 8,998 | 8,669 | 28,188 | 27,702 | ||||||||||||
| General and administrative | 9,932 | 9,733 | 32,796 | 31,898 | ||||||||||||
| Total operating expenses | 18,930 | 18,402 | 60,984 | 59,600 | ||||||||||||
| Operating income | 3,742 | 6,326 | 20,245 | 41,762 | ||||||||||||
| Other income: | ||||||||||||||||
| Interest income | 1,155 | 1,454 | 3,839 | 4,147 | ||||||||||||
| Interest expense | (24 | ) | (122 | ) | (66 | ) | (177 | ) | ||||||||
| Other income, net | 392 | 431 | 749 | 1,082 | ||||||||||||
| Total other income, net | 1,523 | 1,763 | 4,522 | 5,052 | ||||||||||||
| Income before income taxes | 5,265 | 8,089 | 24,767 | 46,814 | ||||||||||||
| Income taxes | 527 | 658 | 4,681 | 8,848 | ||||||||||||
| Net income and comprehensive income | $ | 4,738 | $ | 7,431 | $ | 20,086 | $ | 37,966 | ||||||||
| Basic earnings per share | $ | 0.28 | $ | 0.42 | $ | 1.17 | $ | 2.14 | ||||||||
| Diluted earnings per share | $ | 0.28 | $ | 0.42 | $ | 1.15 | $ | 2.13 | ||||||||
| Weighted average number of common shares outstanding - Basic | 16,847,866 | 17,722,682 | 17,207,632 | 17,705,280 | ||||||||||||
| Weighted average number of common shares outstanding - Diluted | 17,137,065 | 17,889,089 | 17,455,265 | 17,828,710 | ||||||||||||
| Cash dividends per share | $ | 0.19 | $ | 0.36 | $ | 0.58 | $ | 6.10 | ||||||||
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STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
| Nine Months Ended | ||||||||
| September 28, 2024 | September 30, 2023 | |||||||
| Operating Activities | ||||||||
| Net income | $ | 20,086 | $ | 37,966 | ||||
| Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
| Depreciation and amortization | 16,941 | 19,576 | ||||||
| Stock-based compensation | 3,247 | 2,968 | ||||||
| Excess and obsolescence inventory reserve | 39 | — | ||||||
| Gain on sale of assets | — | (4 | ) | |||||
| Deferred income taxes | (2,942 | ) | (4,058 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Trade receivables | (293 | ) | 5,550 | |||||
| Inventories | 3,735 | (14,278 | ) | |||||
| Trade accounts payable and accrued expenses | (514 | ) | (5,967 | ) | ||||
| Contract liability with customers | (149 | ) | 405 | |||||
| Employee compensation and benefits | (7,360 | ) | (8,129 | ) | ||||
| Product liability | (349 | ) | 144 | |||||
| Prepaid expenses, other assets and other liabilities | 3,042 | (15,704 | ) | |||||
| Income taxes payable | — | (1,171 | ) | |||||
| Cash provided by operating activities | 35,483 | 17,298 | ||||||
| Investing Activities | ||||||||
| Property, plant and equipment additions | (17,196 | ) | (11,637 | ) | ||||
| Proceeds from sale of assets | — | 5 | ||||||
| Purchases of short-term investments | (100,993 | ) | (141,410 | ) | ||||
| Proceeds from maturities of short-term investments | 115,023 | 194,091 | ||||||
| Cash (used for) provided by investing activities | (3,166 | ) | 41,049 | |||||
| Financing Activities | ||||||||
| Remittance of taxes withheld from employees related to share-based compensation | (624 | ) | (2,156 | ) | ||||
| Repurchase of common stock | (29,355 | ) | — | |||||
| Dividends paid | (9,990 | ) | (107,805 | ) | ||||
| Cash used for financing activities | (39,969 | ) | (109,961 | ) | ||||
| Decrease in cash and cash equivalents | (7,652 | ) | (51,614 | ) | ||||
| Cash and cash equivalents at beginning of period | 15,174 | 65,173 | ||||||
| Cash and cash equivalents at end of period | $ | 7,522 | $ | 13,559 | ||||
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Non-GAAP Financial Measures
In an effort to provide investors with additional information regarding its financial results, the Company refers to various United States generally accepted accounting principles (“GAAP”) financial measures and two non-GAAP financial measures, EBITDA and EBITDA margin, which management believes provides useful information to investors. These non-GAAP financial measures may not be comparable to similarly titled financial measures being disclosed by other companies. In addition, the Company believes that the non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. The Company believes that EBITDA and EBITDA margin are useful to understanding its operating results and the ongoing performance of its underlying business, as EBITDA provides information on the Company’s ability to meet its capital expenditure and working capital requirements, and is also an indicator of profitability. The Company believes that this reporting provides better transparency and comparability to its operating results. The Company uses both GAAP and non-GAAP financial measures to evaluate the Company’s financial performance.
EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. The Company calculates this by adding the amount of interest expense, income tax expense, and depreciation and amortization expenses that have been deducted from net income back into net income, and subtracting the amount of interest income that was included in net income from net income to arrive at EBITDA. The Company calculates EBITDA margin by dividing EBITDA by total net sales.
Non-GAAP Reconciliation – EBITDA
EBITDA
(Unaudited, dollars in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||
| Net income | $ | 4,738 | $ | 7,431 | $ | 20,086 | $ | 37,966 | ||||||||
| Income tax expense | 527 | 658 | 4,681 | 8,848 | ||||||||||||
| Depreciation and amortization expense | 5,804 | 6,530 | 16,941 | 19,576 | ||||||||||||
| Interest income | (1,155 | ) | (1,454 | ) | (3,839 | ) | (4,147 | ) | ||||||||
| Interest expense | 24 | 122 | 66 | 177 | ||||||||||||
| EBITDA | $ | 9,938 | $ | 13,287 | $ | 37,935 | $ | 62,420 | ||||||||
| EBITDA margin | 8.1% | 11.0% | 9.7% | 15.1% | ||||||||||||
| Net income margin | 3.9% | 6.1% | 5.2% | 9.2% | ||||||||||||
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