Firearm sales are down from the record-setting paces of 2020 and 2021, although they have stabilized at levels near or above previous highwater marks. The hottest sellers, according to the quarterly report Ruger issued last week, are likely the latest introductions to the market.
Ruger CEO Christopher J. Killoy noted that during the firm’s first quarter of 2023 sales of new products—the MAX-9 pistol, LCP MAX pistol, Marlin 1895 lever-action rifles, LC Carbine, Small-Frame Autoloading Rifle, Super Wrangler and the Security-380 pistol—accounted for 21 percent of the company’s sales. That came to roughly $30 million and, for the purposes of reporting, those figures include only those models introduced in the past two years.
Net sales came in at $149.5 million. During the same reporting period last year, that number was $166.6 million. Despite that decline shareholders still received a nice dividend, a loud endorsement of the company’s calculated management approach.
"Our long-term focus will continue to yield strong cash flow, prioritize the development of innovative new products, and safeguard our robust, debt-free balance sheet, which in turn will allow us to withstand the volatility of the ever-changing firearms market," Killoy stated.
He also noted gun makers face a serious threat from the financial sector, however. "We are encouraged by the actions taken by several states prohibiting state agencies from engaging with banks that discriminate against the law-abiding and highly regulated businesses in the firearm and ammunition industry. We are hopeful that federal legislation to discourage such practices, including the Firearm Industry Non-Discrimination Act (or the FIND Act), will be enacted to put an end to this unjust treatment of our industry. This hits us close to home as we have been notified twice in the past five years by two of the nation's largest banks, Bank of America and Wells Fargo, that they would not provide us with any credit because of the lawful products that we design, manufacture and sell."