Fairfield gunmaker Sturm, Ruger & Co. nearly doubled its first-quarter profit on strong sales of its rifles and handguns, giving an immediate boost to its stockholders' wallets.
For three months ended March 31, Sturm Ruger netted $15.5 million, or 79 cents a fully diluted share, up from $7.95 million, or 42 cents a share, netted the same quarter a year ago.
First-quarter revenues grew to $110.8 million vs. $74.4 million last year.
As a result, Sturm Ruger said its quarterly dividend - which fluctuates because it is a set percentage tied to profits - will rise to 32.4 cents a share when paid May 29 to stockholders on record by May 14.
The payout represents 40 percent of the gunmaker's first-quarter net.