Sturm, Ruger & Company, Inc. reported earnings improved 9.6 percent in the first quarter as sales dipped 0.8 percent.

Earnings reached $7.8 million, or 46 cents a share, up from $7.1 million, or 40 cents, a year ago. Sales were $135.7 million against $136.8 million a year ago.

CEO Todd Seyfert commented, “The challenges in the firearms market are clear and well-documented across the industry. According to RetailBI’s Q1 2025 report, retail firearm unit sales declined 9.6 percent year-over-year, with revenue down 11.5 percent. Handguns, rifles, and shotguns were all under pressure, and even adjusted NICS checks declined by 4.2 percent. Despite these headwinds, I’m proud to report that Ruger remained flat in sales while staying profitable. My mindset as CEO is that although the firearms industry may be cyclical, Ruger does not have to be, and our performance this quarter supports that.

“That resilience is a direct result of our disciplined operations and strong new product pipeline. Consumer demand for the Ruger American Rifle Generation II, our Marlin lever-action rifles, and the RXM pistol developed with Magpul Industries contributed to our momentum. These products not only reinforce our commitment to quality but also continue to excite our loyal base, drive demand and elevate the entire portfolio of Ruger products,” continued Seyfert.

Other observations on the quarter include:

  • Sales of new products, including the RXM pistol, Super Wrangler revolver, Marlin lever-action rifles, and American Centerfire Rifle Generation II, represented $40.7 million or 31.6 percent of firearm sales in the first quarter of 2025. New product sales include only major new products introduced by the company in the past two years.
  • Compared to the first quarter of 2024, the company’s and distributors’ finished goods inventories increased 17,900 units and decreased 20,100 units, respectively.
  • Cash provided by operations during the first quarter of 2025 was $11.1 million. At March 29, 2025, Ruger’s cash and short-term investments totaled $108.3 million. Ruger’s current ratio is 4.6 to 1 with no debt.
  • In the first quarter of 2025, capital expenditures totaled $1.1 million. Ruger said it expects its 2025 capital expenditures will increase from recent years and may exceed $30 million as Ruger invests in new product introductions, expands capacity, upgrades its manufacturing capabilities, and strengthens its facility infrastructure.

The company returned $7.0 million to its shareholders in the first quarter of 2025 through the payment of $4.0 million of quarterly dividends and

$3.0 million through the repurchase of 79,200 shares of its common stock at an average cost of $37.74 per share.

At March 29, 2025, stockholders’ equity was $321.4 million, which equates to a book value of $19.39 per share, of which $6.53 per share was cash and short-term investments.

Seyfert discussed the company’s plans for moving forward, “Looking ahead, innovation remains our core focus. As I stated earlier, our robust pipeline of upcoming products is designed to energize the market, drive growth, and extend our brand reach. We have plans in the works for expanding the availability of key models, increasing the speed to market on our new product roadmaps, and offering more configurations of recently launched new models.

“In addition, as a U.S.-based manufacturer, we are uniquely positioned to navigate global trade disruptions. Our American-made products insulate us to a degree from current tariff and supply chain uncertainties, though we are monitoring areas where these costs may still have an effect. With that said, we continue to plan for growth, position ourselves for long-term market leadership, and aggressively manage costs across the business,” concluded Seyfert.

The company also announced that its Board of Directors declared a dividend of 18 cents per share for the first quarter for stockholders of record as of May 16, payable on May 30. This dividend varies each quarter because the company pays a percentage of earnings rather than a fixed amount per share. This dividend is approximately 40 percent of net income.

Image courtesy Sturm Ruger