Sturm, Ruger & Company Q1 Profit Drops

reported a drop in its earnings for the first quarter on Monday. The Southport, Connecticut-based company posted quarterly net income of $15.5 million, or $0.81 per share, compared to $24.3 million, or $1.22 per share, in the year-ago period. Its total net sales slipped to $136.95 million from $169.88 million. However, analysts were projecting earnings of $0.65 per share on revenue of $117.47 million. The average estimate among 21 Estimize users was for earnings of $0.70 per share on revenue of $126.22 million. The company's board declared a dividend of $0.32 per share for the first quarter. During the first quarter, Sturm, Ruger returned $6.0 million to its shareholders. Sturm, Ruger shares fell 3.60 percent to $56.45 in the after-hours trading session.