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Sturm, Ruger & Company, Inc. Reports 2021 Diluted Earnings Of $8.78 Per Share And Declares Dividend Of 86¢ Per Share

Sturm, Ruger & Company, Inc. (NYSE: RGR) announced today that for 2021 the Company reported net sales of $730.7 million and diluted earnings of $8.78 per share, compared with net sales of $568.9 million and diluted earnings of $5.09 per share in 2020.

For the fourth quarter of 2021, net sales were $168.0 million and diluted earnings were $2.14 per share. For the corresponding period in 2020, net sales were $169.3 million and diluted earnings were $1.78 per share. Diluted earnings per share in the fourth quarter of 2021 were increased by 18¢ due to a reduction in the effective income tax rate for the year which was recognized in the quarter.

The Company also announced today that its Board of Directors declared a dividend of 86¢ per share for the fourth quarter for stockholders of record as of March 11, 2022, payable on March 25, 2022. This dividend varies every quarter because the Company pays a percentage of earnings rather than a fixed amount per share. This dividend is approximately 40% of net income.

Chief Executive Officer Christopher J. Killoy reflected on the strong financial results for the year, "2021 was a year of great accomplishments and financial results. We began the year with virtually no finished goods inventory, so our 28% increase in sales and 109% return on net operating assets were only possible due to the tremendous efforts of our dedicated workforce who kept our factories humming throughout the year. In addition to increased volume, enhanced labor productivity and other manufacturing efficiencies drove greater profitability. While we were ramping up production of our legacy products, we kept our focus on new product development and launched the MAX-9 pistol and the LCP MAX pistol. We remain committed to our strategy of pursuing manufacturing excellence and vigorously developing innovative and exciting new products."

Mr. Killoy continued, "Another highlight in 2021 was the reintroduction of the Marlin brand as we shipped the first Ruger-made, Marlin lever-action rifles in December. Our expansive product offerings, which range from personal protection pistols, to bolt-action hunting rifles, to our classic revolvers, to the new Ruger-made, Marlin lever-action rifles, provide some stability in the volatile firearms market and allow us to fulfill demand in many of the diverse sectors of the industry. Our cash-laden, debt-free balance sheet allows us to pursue acquisitions and other capital opportunities."

Mr. Killoy made the following observations related to the Company's 2021 performance:

  • In 2021, sales increased 28% from 2020 and the estimated unit sell-through of the Company's products from the independent distributors to retailers increased 4% from 2020. For the same period, the National Instant Criminal Background Check System ("NICS") background checks (as adjusted by the National Shooting Sports Foundation) decreased 12%.

    The increase in the sell-through of the Company's products compared favorably to the decrease in adjusted NICS background checks in 2021 and may be attributable to:
    • Strong consumer demand for the Company's products,
    • Increased production in 2021, and
    • The introduction of popular new products.
  • Sales of new products included the Ruger-57, the PC Charger, the MAX-9 pistol, the Wrangler, the LCP II in .22 LR, the LCP MAX pistol, and the Marlin 1895 lever-action rifle. New product sales represented $155.5 million or 22% of firearm sales in 2021. These sales include only major new products that were introduced in the past two years.
  • In 2021, the Company's finished goods inventory increased 11,800 units, but remain significantly below pre-COVID-19 pandemic levels. Distributor inventories of the Company's products increased 125,000 units, but remain below the level needed to support rapid fulfillment of retailer demand for most products.
  • Cash provided by operations during 2021 was $172.3 million. At December 31, 2021, our cash and short-term investments totaled $221 million. Our current ratio was 4.3 to 1 and we had no debt.
  • In 2021, capital expenditures totaled $28.8 million. We expect our 2022 capital expenditures to total approximately $20 million, most of which relate to new product introductions. Our ability to shift manufacturing equipment between cells, and between facilities, improves overall utilization and allows for reduced capital investment.
  • In 2021, the Company returned $59.1 million to its shareholders through the payment of dividends.
  • At December 31, 2021, stockholders' equity was $363.7 million, which equates to a book value of $20.67 per share, of which $12.56 per share was cash and short-term investments.
  • In 2021, the Company incurred $1.5 million of expenses to help maintain the health and safety of its employees during the COVID-19 pandemic.

Today, the Company filed its Annual Report on Form 10-K for 2021. The financial statements included in this Annual Report on Form 10-K are attached to this press release. - View Release

Tomorrow, Thursday, February 24, 2022, Sturm, Ruger will host a webcast at 9:00 a.m. ET to discuss the 2021 operating results. Interested parties can access the webcast at or by dialing 855-871-7398, participant code 7268098.

The Annual Report on Form 10-K for 2021 is available on the SEC website at and the Ruger website at Investors are urged to read the complete Annual Report on Form 10-K to ensure that they have adequate information to make informed investment judgments.