Stock price for Sturm, Ruger & Company jumped more than 9 percent Tuesday after the gun maker released it first quarter report showing comparable results to last year’s surging sales.
Investors reacted to sales decreasing only marginally for the Connecticut-based company, dropping a mere 3 percent from last year, according to filings with federal regulators. Ruger’s sales totaled $167.4 million from January through March, down from $173.1 million last year.
Price per share plunged following Republican’s sweeping election victories in November as the gun makers and retailers — and most of the nation — anticipated different results and prepared for a surge in demand. Yet, federal data shows gun sales maintained seasonal patterns through the holidays and into the spring without deviating much from last year’s results.
From January to March, national gun sales dropped 11.6 percent, federal data shows. The sell-through rate for Ruger products decreased by 7 percent in that same timeframe.
Firearms accounted for $166.4 million of quarter sales, down 3 percent. Of that, new guns released in the past two years accounted for $41.5 million.