While the vast majority of the gun manufacturers, distributors, and retailers that make up the firearms industry are private companies, a handful are publicly traded, providing deeper insights into their size, business practices, and financial health. Here’s a look at their most recent quarterly financials.
Editor’s Note: This is the second installment in a series chronicling financial updates from the gun industry. To read the update from the first quarter of 2024, click here. And to learn more about the firearm supply chain and how it works, click here.
Smith & Wesson
On June 20, Smith & Wesson closed its fiscal year 2024 and announced an 11.8-percent increase in net sales over the prior fiscal year. However, despite these results, Smith & Wesson shares fell about 11 percent in trading after the announcement, as the manufacturer also reported that it anticipates softer near-term demand than expected and a decline in year-over-year sales of 10 percent.
ruger
On May 7, Ruger announced that it had $136.8 million in sales for the first quarter of 2024 was, down from $149.5 million in the previous year, and falling short of estimates of $153.4 million. The company also fired 40 employees and reassigned another 40 to manufacturing positions (resulting in severance payment expenses of $1.5 million, but expected annual savings of $9 million). Ruger attributed its poor quarter to challenges faced in the market, decreased sales, and operational costs.
ammo inc.
On June 13, Ammo Inc., the parent company of online marketplace GunBroker, announced a disastrous end to its fiscal year 2024, with a decline in revenue of over 24 percent. The company’s weaker-than-expected profitability led to a sell-off of 29 percent after the announcement, which one financial reporter called a “massive one-day stock implosion.” The company’s ammunition sales fell drastically last quarter, as ammunition retail prices (primarily driven by inflation) increased over 100 percent. GunBroker’s revenues have historically helped to make up for poor ammo sales, but the online marketplace also reported a year-over-year revenue decline of 18.6 percent.
It’s also worth noting that GunBroker founder Steve Urvan’s lawsuit against the company is ongoing in Delaware Chancery Court.
Olin Corporation
The Olin Corporation manufactures Winchester-brand ammunition and a variety of chemical products. (Olin also licenses the “Winchester” name to the Herstal Group, which owns gun manufacturers FN Herstal and Browning, to manufacture Winchester-branded firearms.)
On April 26, Olin reported $48.6 million in net income last quarter, a year-over-year decrease of over $100 million. The company’s ammunition segment reported slightly higher sales than the comparable quarter last year, however.
vista outdoor
On May 9, Vista Outdoor, which owns several ammunition-manufacturing brands, reported an overall 6.4-percent year-over-year decline in sales. With respect to its ammunition segment, the company announced a 20-percent decrease in profit and a 12.5-percent decrease in year-over-year sales. Vista Outdoor attributed the decline to lower sales volumes across nearly all ammunition categories, and lower pricing.
Vista shareholders are scheduled to vote on the proposed sale of its ammunition business to the Czechoslovak Group (CSG) on July 23. The Vista board is also evaluating a competing offer from Texas firm MNC Capital.