Ruger(US:RGR)2024-07-31 21:02Financial Performance - For Q2 2024, net sales were $130.8 million, down from $142.8 million in Q2 2023, and diluted earnings were 47¢ per share compared to 91¢ per share in the prior year[1]. - In the first half of 2024, net sales totaled $267.6 million, a decrease from $292.3 million in the same period of 2023, with diluted earnings of 87¢ per share compared to $1.72 per share last year[1]. - Net firearms sales for the three months ended June 29, 2024, were $129,829 thousand, a decrease of 8.5% compared to $141,853 thousand for the same period in 2023[14]. - Total net sales for the six months ended June 29, 2024, were $267,581 thousand, down 8.4% from $292,257 thousand in the prior year[14]. - Gross profit for the three months ended June 29, 2024, was $29,154 thousand, representing a gross margin of 22.3%, compared to $38,148 thousand and a margin of 26.7% in the same period last year[14]. - Operating income for the six months ended June 29, 2024, was $16,503 thousand, a decline of 53.4% from $35,436 thousand in the prior year[14]. - EBITDA for the three months ended June 29, 2024, was $14,455 thousand, with an EBITDA margin of 11.1%, compared to $25,294 thousand and a margin of 17.7% in the same period last year[19]. - Basic earnings per share for the three months ended June 29, 2024, were $0.48, compared to $0.91 for the same period in 2023, reflecting a decrease of 47.3%[14]. Cash Flow and Investments - Cash provided by operations in the first half of 2024 was $26.1 million, with cash and short-term investments totaling $105.6 million as of June 29, 2024[6]. - Cash provided by operating activities for the six months ended June 29, 2024, was $26,085 thousand, an increase of 19.4% from $21,813 thousand in the prior year[15]. - Cash and cash equivalents at the end of the period were $7,153 thousand, down from $11,456 thousand at the end of the same period last year[15]. - Capital expenditures in the first half of 2024 were $10.4 million, with expectations for total capital expenditures to approximate $20 million for the year[6]. Shareholder Returns - The company declared a quarterly dividend of 19¢ per share, which is approximately 40% of net income[2]. - Cash dividends per share for the six months ended June 29, 2024, were $0.39, compared to $5.74 for the same period last year[14]. - The company repurchased 477,917 shares at an average cost of $42.41 per share, representing approximately 3% of outstanding shares[4]. - The company repurchased $20,276 thousand of common stock during the six months ended June 29, 2024[15]. Sales and Production - Estimated unit sell-through from independent distributors to retailers increased by 1% in both Q2 and the first half of 2024, despite NICS background checks decreasing by 8% and 6% respectively[4]. - Sales of new products accounted for $79.7 million or 31% of firearm sales in the first half of 2024, up from $63.3 million or 23% in the same period of 2023[5]. - Production increased by 18% in Q2 2024 compared to Q1 2024, despite a reduction in headcount[3].