That’s one heck of a sales job, Barack:
Sturm, Ruger & Co. has a backlog of 2 million guns on order – a fact that’s “absolutely ridiculous,” “pretty silly” and “kind of crazy,” said CEO Michael Fifer at an earnings calls last week.
But other figures – like quarterly sales of $171 million (45 percent higher than the third quarter of 2012) and a net income of $28.7 million (or $1.44 a share, a 65 percent annual increase) – are more reliable indicators that the gun manufacturer’s explosive growth has continued. That brings sales year to date to $506 million, with an $84.7 million profit ($4.25 a share).
The company, headquartered in Connecticut and with a major facility in Newport, N.H., rushed to build a third plant in North Carolina to keep up with demand – demand that Fifer said far exceeds industry. That plant put out its first gun on Friday, months head of schedule.