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Ruger(RGR) - 2024 Q3 - Quarterly Results
RGRRuger(RGR)2024-10-30 21:03
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Financial Performance - For Q3 2024, net sales were 122.3million,aslightincreasefrom122.3 million, a slight increase from 120.9 million in Q3 2023, while diluted earnings decreased to 28¢ per share from 42¢ per share[1][2] - For the first nine months of 2024, net sales totaled 389.9million,downfrom389.9 million, down from 413.2 million in the same period of 2023, with diluted earnings decreasing to 1.15persharefrom1.15 per share from 2.13 per share[2] - Net firearms sales for the three months ended September 30, 2024, were 121,512thousand,aslightincreaseof0.95121,512 thousand, a slight increase of 0.95% compared to 120,368 thousand for the same period in 2023[17] - Total net sales for the nine months ended September 28, 2024, were 389,868thousand,down5.6389,868 thousand, down 5.6% from 413,150 thousand for the same period in 2023[17] - Gross profit for the three months ended September 30, 2024, was 22,672thousand,adecreaseof8.422,672 thousand, a decrease of 8.4% from 24,728 thousand in the same period last year[17] - Operating income for the nine months ended September 28, 2024, was 20,245thousand,down51.520,245 thousand, down 51.5% from 41,762 thousand for the same period in 2023[17] - EBITDA for the three months ended September 28, 2024, was 9,938thousand,representinganEBITDAmarginof8.19,938 thousand, representing an EBITDA margin of 8.1%, compared to 11.0% in the same period last year[22] - Net income for the nine months ended September 28, 2024, was 20,086 thousand, a decrease of 47.2% from 37,966thousandforthesameperiodin2023[18]CashFlowandInvestments−Cashprovidedbyoperationsduringthefirstninemonthsof2024was37,966 thousand for the same period in 2023[18] Cash Flow and Investments - Cash provided by operations during the first nine months of 2024 was 35.5 million, with cash and short-term investments totaling 96.0millionasofSeptember28,2024[7]−CashprovidedbyoperatingactivitiesfortheninemonthsendedSeptember28,2024,was96.0 million as of September 28, 2024[7] - Cash provided by operating activities for the nine months ended September 28, 2024, was 35,483 thousand, significantly up from 17,298thousandinthesameperiodlastyear[18]−Cashandcashequivalentsattheendoftheperiodwere17,298 thousand in the same period last year[18] - Cash and cash equivalents at the end of the period were 7,522 thousand, down from 13,559thousandattheendofthesameperiodlastyear[18]−Capitalexpendituresforthefirstninemonthsof2024were13,559 thousand at the end of the same period last year[18] - Capital expenditures for the first nine months of 2024 were 17.2 million, with expectations to reach approximately 20millionforthefullyear[8]ShareholderReturns−Thecompanydeclaredaquarterlydividendof11¢pershare,whichisapproximately4020 million for the full year[8] Shareholder Returns - The company declared a quarterly dividend of 11¢ per share, which is approximately 40% of net income, payable on November 27, 2024[3] - The company returned 39.3 million to shareholders in the first nine months of 2024 through dividends and share repurchases[8] - The company repurchased common stock amounting to 29,355thousandduringthefinancingactivities[18]InventoryandSalesTrends−Estimatedunitsell−throughfromindependentdistributorstoretailersincreasedby429,355 thousand during the financing activities[18] Inventory and Sales Trends - Estimated unit sell-through from independent distributors to retailers increased by 4% in the first nine months of 2024 compared to the prior year[5] - Sales of new products accounted for 113.3 million, representing 31.2% of firearm sales in the first nine months of 2024[6] - Finished goods inventories decreased by 26,500 units, while distributors' inventories decreased by 98,600 units compared to Q3 2023[7] Stockholders' Equity - Stockholders' equity as of September 28, 2024, was 314.9million,equatingtoabookvalueof314.9 million, equating to a book value of 18.76 per share[9] Earnings Per Share - Basic earnings per share for the three months ended September 30, 2024, were 0.28,downfrom0.28, down from 0.42 in the same period last year[17]