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Sturm latest news:
Plan to ease U.S. firearm export rules may relieve gunmakers facing sales slump
SAN FRANCISCO (Reuters) - A move by the Trump administration to make it simpler to sell small arms abroad may provide some relief to gun makers American Outdoor Brands and Sturm Ruger & Company in an industry grappling with a deep sales slump since the election of President Donald Trump.
Sturm Ruger shares fall after big earnings miss
Sturm Ruger & Co shares dropped in the extended session Wednesday after the gun maker's quarterly results fell below Wall Street estimates. Sturm Ruger shares sunk 13% to $50.10 after hours. The company reported second-quarter net income of $10.2 million, or 57 cents a share, compared to $23.5 million, or $1.22 a share, in the year-ago period. Revenue fell to $131.9 million from $167.9 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.11 a share on revenue of $159.6 million. In a statement, the company cited softer demand in 2017 "due to stronger-than-normal demand during most of 2016, likely bolstered by the political campaigns for the November 2016 elections." Following Sturm Ruger's results, shares of Smith & Wesson parent American Outdoor Brands Corp. declined 5.9% to $19.80 after hours.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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