Sturm, Ruger & Co. Files 2023 Annual Report

TL;DR

**Sturm, Ruger & Co. just dropped its 2023 annual report, giving us the full picture of their financial year.**

AI Summary

Sturm, Ruger & Co. Inc. filed its 10-K annual report for the fiscal year ended December 31, 2023, on February 21, 2024. The company, a firearms manufacturer based in Southport, Connecticut, operates under the SIC code 3480 (Ordnance & Accessories). Its business address is 1 Lacey Place, Southport, CT 06490, and its phone number is (203) 259-7843.

Why It Matters

This filing provides an annual overview of Sturm, Ruger & Co.'s financial performance and operational status, crucial for investors to assess the company's health and future prospects in the firearms industry.

Risk Assessment

Risk Level: medium — The firearms industry faces significant regulatory and public perception risks, which can impact sales and profitability.

Key Numbers

• 20231231 — Conformed Period of Report (Indicates the end of the fiscal year covered by the report.)
• 20240221 — Filed As Of Date (Shows when the 10-K was officially submitted to the SEC.)
• 0000095029 — Central Index Key (CIK) (Unique identifier for STURM RUGER & CO INC with the SEC.)
• 3480 — Standard Industrial Classification (SIC) (Categorizes the company's primary business as Ordnance & Accessories.)
• 001-10435 — SEC File Number (Identifies the company's registration with the SEC.)

Key Players & Entities

• STURM RUGER & CO INC (company) — Filer
• 0000095029 (company) — Central Index Key (CIK)
• Southport (company) — City of business address
• CT (company) — State of business address
• 06490 (company) — Zip code of business address
• 2032597843 (company) — Business phone number
• December 31, 2023 (date) — Fiscal year end
• February 21, 2024 (date) — Filed as of date
• Delaware (company) — State of Incorporation
• 06-0633559 (company) — I.R.S. Employer Identification No.

FAQ

Key Financial Figures

• $1 — ange on Which Registered Common Stock, $1 par value RGR New York Stock Exchange
• $540.7 m — the Company's firearms operations were $540.7 million, $593.3 million and $728.1 millio
• $593.3 million — irearms operations were $540.7 million, $593.3 million and $728.1 million. The balance of the
• $728.1 million — were $540.7 million, $593.3 million and $728.1 million. The balance of the Company's net sales
• $306.8 m — of rifles by the Company accounted for $306.8 million, $305.4 million, and $317.5 milli
• $305.4 m — e Company accounted for $306.8 million, $305.4 million, and $317.5 million of total net
• $317.5 million — for $306.8 million, $305.4 million, and $317.5 million of total net sales for the years 2023,
• $131.4 m — of pistols by the Company accounted for $131.4 million, $184.7 million, and $278.4 milli
• $184.7 m — e Company accounted for $131.4 million, $184.7 million, and $278.4 million of revenues f
• $278.4 million — for $131.4 million, $184.7 million, and $278.4 million of revenues for the years 2023, 2022, a
• $72.5 m — revolvers by the Company accounted for $72.5 million, $70.0 million, and $84.4 million
• $70.0 m — he Company accounted for $72.5 million, $70.0 million, and $84.4 million of revenues fo
• $84.4 million — d for $72.5 million, $70.0 million, and $84.4 million of revenues for the years 2023, 2022, a
• $30.0 m — its firearms. These sales accounted for $30.0 million, $33.2 million, and $47.8 million
• $33.2 m — hese sales accounted for $30.0 million, $33.2 million, and $47.8 million of total net s

Filing Documents

• rgr-20231231.htm (10-K) — 1247KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• image_001.jpg (GRAPHIC) — 30KB
• 0001174947-24-000243.txt ( ) — 6349KB
• rgr-20231231_cal.xml (EX-101.CAL) — 45KB
• rgr-20231231_def.xml (EX-101.DEF) — 280KB
• rgr-20231231_lab.xml (EX-101.LAB) — 527KB
• rgr-20231231_pre.xml (EX-101.PRE) — 282KB
• rgr-20231231.xsd (EX-101.SCH) — 77KB
• rgr-20231231_htm.xml (XML) — 720KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 78 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 79 PART III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11.

Executive Compensation

Executive Compensation 79 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions and Director Independence 80 Item 14. Principal Accountant Fees and Services 80 3 PART IV Item 15. Exhibits and Financial Statement Schedules 81

Signatures

Signatures 84 Exhibit Index 85 Financial Statement Schedule 87 Exhibits 89 EXPLANATORY NOTE: In this Annual Report on Form 10-K, Sturm, Ruger & Company, Inc. and Subsidiary (the "Company") makes forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Words such as "expect," "believe," "anticipate," "intend," "estimate," "will," "should," "could" and other words and terms of similar meaning, typically identify such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events. 4 PART I

—BUSINESS

ITEM 1—BUSINESS Company Overview Sturm, Ruger & Company, Inc. and Subsidiary (the "Company") is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Virtually all of the Company's sales for the year ended December 31, 2023 were from the firearms segment, with less than 1% from the castings segment. Export sales represent approximately 6% of firearms sales. The Company's design and manufacturing operations are located in the United States and almost all product content is domestic. The Company has been in business since 1949 and was incorporated in its present form under the laws of Delaware in 1969. The Company primarily offers products in three industry product categories – rifles, pistols, and revolvers. The Company's firearms are sold through independent wholesale distributors, principally to the commercial sporting market. The Company manufactures and sells investment castings made from steel alloys and metal injection molding ("MIM") parts for internal use in the firearms segment and has minimal sales to outside customers. The castings and MIM parts are sold to outside customers, either directly or through manufacturers' representatives. For the years ended December 31, 2023, 2022, and 2021, net sales attributable to the Company's firearms operations were $540.7 million, $593.3 million and $728.1 million. The balance of the Company's net sales for the aforementioned periods was attributable to its castings operations. Firearms Products The Company presently manufactures firearm products, under the "Ruger" name and trademark, in the following industry categories: Rifles Revolvers Single-shot Single-action Autoloading Double-action Bolt-action Modern sporting Pistols Rimfire autoloading Centerfire autoloading In addition, the Company manufactures lever-action rifles under the "Marlin" name and trademark. Most firearms are available in several models based upon caliber, finish, barrel length,

—RISK FACTORS

ITEM 1A—RISK FACTORS The Company's operations could be affected by various risks, many of which are beyond its control. Based on current information, the Company believes that the following identifies the most significant risk factors that could have a material, adverse effect on its business, operating results, 12 and financial condition. Past financial performance may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods. In evaluating the Company's business, the following risk factors, as well as other information in this report, should be carefully considered. Changes in government policies and firearms legislation could adversely affect the Company's financial results. The sale, purchase, ownership, and use of firearms are subject to thousands of federal, state and local governmental regulations. The basic federal laws are the National Firearms Act, the Federal Firearms Act, and the Gun Control Act of 1968. Federal law generally prohibits the private ownership of fully automatic weapons manufactured after 1986 and places certain restrictions on the interstate sale of firearms unless certain licenses are obtained. The Company does not manufacture fully automatic weapons and holds all necessary licenses under these federal laws. If the scope of the National Firearms Act is expanded to regulate firearms currently regulated by the Gun Control Act, it could make acquisition of commonly owned and used firearms more expensive and complicated for consumers, which could have a material adverse impact on demand for Company products. Several In 2005, Congress enacted the Protection of Lawful Commerce in Arms Act ("PLCAA"). The PLCAA was enacted to address abuses by cities and agenda-driven individuals who wrongly sought to make firearms manufacturers liable for legally manufactured and lawfully sol

View Full Filing

View this 10-K filing on SEC EDGAR