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May 15, 2014

Colt books 1Q loss on lower sales

West Hartford gun manufacturer Colt Defense said it booked a first-quarter loss, mainly due to lower sales of long guns.

Colt reported a net loss of $7.8 million, down from a profit of $5.1 million in the first three months of 2013 — prior to its July merger with handgun maker New Colt.

Net sales fell from $63.8 million to $50.1 million. Much of the decline came from the company’s long-gun segment, which saw sales fall by more than 50 percent, to $24.7 million. Colt said international sales were down from the prior-year quarter, which included a large, non-recurring rifle sale. The company said the sporting rifle market was also soft during the quarter.

The decline was partially offset by an increase in handgun sales, which jumped from $1.3 million to $15.5 million.

Expenses related to selling and commissions, research and development, interest, and administration were also higher during the quarter.

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