Sturm, Ruger & Company, Inc. Reports 2024 Diluted Earnings of $1.77 Per Share and Declares Dividend of 24¢ Per Share

February 19, 2025

Sturm, Ruger & Company, Inc. (NYSE-RGR) announced today that for 2024 the Company reported net sales of $535.6 million and diluted earnings of $1.77 per share, compared with net sales of $543.8 million and diluted earnings of $2.71 per share in 2023.

For the fourth quarter of 2024, net sales were $145.8 million and diluted earnings were 62¢ per share. For the corresponding period in 2023, net sales were $130.6 million and diluted earnings were 58¢ per share.

The Company also announced today that its Board of Directors declared a dividend of 24¢ per share for the fourth quarter for stockholders of record as of March 14, 2025, payable on March 28, 2025. This dividend varies every quarter because the Company pays a percentage of earnings rather than a fixed amount per share. This dividend is approximately 40% of net income.

Chief Executive Officer Christopher J. Killoy commented on the Company's strong finish to the year, "We were pleased with our sales growth and improved profitability in the fourth quarter, despite the apparent reduction in consumer demand, as adjusted NICS checks decreased 6% from the prior year. Our disciplined approach, long-term focus on generating shareholder value, diverse product catalog, and commitment to new product development allow us to succeed during the ebbs and flows of the firearms market. We enter 2025 with a strong, debt-free balance sheet, reduced inventories at our independent distributors, and a full pipeline of recently launched new products and many others still under development."

Mr. Killoy recounted the tremendous accomplishments of the Company's product development teams in 2024, "The flurry of new product introductions in our 75th Anniversary year culminated with the December 11th launch of the new RXM, a 9mm pistol that was imagined, designed, and developed in collaboration with Magpul Industries. This partnership resulted in a truly innovative product that offers maximum flexibility and customization, with a removable stainless steel fire control insert set inside an interchangeable Magpul enhanced handgun grip. Our roster of new product introductions for 2024 also includes:

• American Rifle Generation II family of rifles,
• The Marlin 1894, 1895 and 336 lever-action rifles,
• LC Carbine chambered in .45 Auto and 10mm Auto,
• 75th Anniversary Mark IV Target pistol,
• 75th Anniversary 10/22 rifles,
• 75th Anniversary LCP MAX pistol, and
• Mini-14 rifle with side-folding stock.

Mr. Killoy commented on the upcoming Chief Executive Officer transition, "We recently announced that Todd Seyfert will become our President and Chief Executive Officer on March 1, allowing for a smooth transition before my planned retirement in May. I want to take this opportunity to publicly welcome Todd to Ruger. Todd has already met our senior leaders and is excited to meet the rest of the Ruger team and lead this great company. I know Todd and the team will continue to deliver innovative and exciting new products to our consumers, profitability to our independent distributors and retailers, and long-term value to our shareholders. On a personal note, I want to express my sincere thanks to all the members of the Ruger team who I have had the pleasure of working with since I joined Ruger in 2003. I look forward to continuing to serve on the Board of Directors and supporting Todd and the Ruger team as we move into our next chapter."

Mr. Killoy made the following observations related to the Company's 2024 performance:

• The estimated unit sell-through of the Company's products from the independent distributors to retailers increased 5% in 2024 compared to 2023. In 2024, NICS background checks, as adjusted by the National Shooting Sports Foundation, decreased 4% from 2023. The increase in the sell-through of the Company's products despite the decrease in adjusted NICS background checks may be attributable to new product introductions, like the Ruger American Rifle Generation II bolt-action rifles and the Marlin lever-action rifles, which helped offset aggressive promotions, discounts, rebates, and the extension of payment terms offered by the Company's competitors.
• New products represented $159.3 million or 32% of firearms sales in 2024, an increase from $119.0 million or 23% of firearms sales in 2023. New product sales include only major new products that were introduced in the past two years. In 2024, new products included the RXM pistol, American Centerfire Rifle Generation II, Marlin 1894 lever-action rifles, Security-380 pistol, Super Wrangler revolver, and LC Carbine, as well as the Small-Frame Autoloading Rifle and the Marlin 1895 lever-action rifles, which were only included for a portion of the year.
• In 2024, the Company's finished goods inventory decreased 28,300 units and distributor inventories of the Company's products decreased 63,500 units.
• Cash provided by operations during 2024 was $55.5 million. At December 31, 2024, our cash and short-term investments totaled $105.5 million. Our current ratio is 4.2 to 1 and we have no debt.
• In 2024, capital expenditures totaled $20.8 million related to new product introductions and upgrades to our manufacturing equipment and facilities. In 2025, the Company expects capital expenditures to approximate $20 million.
• In 2024, the Company returned $46.2 million to its shareholders through:
  • the payment of $11.8 million of dividends, and
  • the repurchase of 835,060 shares of its common stock in the open market at an average price of $41.19 per share, for a total of $34.4 million.
• At December 31, 2024, stockholders' equity was $319.6 million, which equates to a book value of $19.03 per share, of which $6.28 per share was cash and short-term investments.

Today, the Company filed its Annual Report on Form 10-K for 2024. The financial statements included in this Annual Report on Form 10-K are attached to this press release. - View Release

Tomorrow, February 20, 2025, Sturm, Ruger will host a webcast at 9:00 a.m. ET to discuss the fourth quarter and year-end 2024 operating results. Interested parties can listen to the webcast via this link or by visiting Ruger.com/corporate. Those who wish to ask questions during the webcast will need to pre-register prior to the meeting.

The Annual Report on Form 10-K for 2024 is available on the SEC website at SEC.gov and the Ruger website at Ruger.com/corporate. Investors are urged to read the complete Annual Report on Form 10-K to ensure that they have adequate information to make informed investment judgments.