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August 1, 2024

CT-based gun-maker discloses workforce reduction

COSTAR Sturm, Ruger & Co. has its corporate headquarters in Southport, at 1 Lacey Place (shown above)..
By Andrew Larson

Amid slumping gun sales, Southport-based gun-maker Sturm, Ruger & Co. Inc. announced it has cut its workforce.

In a second quarter earnings report Wednesday, CEO Christopher J. Killoy said the company reorganized aspects of its business and “implemented a reduction in force to achieve greater efficiency, productivity and flexibility throughout our organization.”

The maker of a variety of pistols, rifles, and revolvers did not disclose the number of employees affected. However, in its first quarter earnings release, Killoy said the company “undertook a reduction in force that impacted about 80 of our employees, approximately half of which were reassigned to manufacturing positions.”

“We are starting to realize the benefits of these actions,” Killoy said on Wednesday. “Despite a reduction in headcount, second quarter production increased 18% from the first quarter.”

Net sales were $130.8 million in the second quarter, down from $142.8 million in 2023.

Also in the second quarter, the company posted a profit of $8.3 million, or 47 cents per share, compared with $16.2 million, or 91 cents a share, a year earlier.

Lower sales and profits were related to a drop-off in consumer demand, Killoy said. 

However, Killoy said the company’s second quarter profits increased from the first quarter, as production increased, despite the workforce reduction.

Sturm, Ruger & Co. has its corporate headquarters in Southport, at 1 Lacey Place, where it occupies a 25,000-square-foot building that it owns. As of February, it also leased 10,000 square feet of space in Enfield, in addition to having manufacturing facilities in New Hampshire, Arizona, North Carolina and Missouri. 

As of February 1, 2024, the company employed approximately 1,820 full-time employees, down 3.19% from a year earlier, according to its annual report. 

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