Ruger(US:RGR)2024-10-30 21:03Financial Performance - For Q3 2024, net sales were $122.3 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 $389.9 million, down from $413.2 million in the same period of 2023, with diluted earnings decreasing to $1.15 per share from $2.13 per share[2] - Net firearms sales for the three months ended September 30, 2024, were $121,512 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 $389,868 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 $22,672 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 $20,245 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 $9,938 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 $37,966 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 $96.0 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 $17,298 thousand in the same period last year[18] - Cash and cash equivalents at the end of the period were $7,522 thousand, down from $13,559 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 $20 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 $29,355 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 $314.9 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, down from $0.42 in the same period last year[17]