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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 22, 2024
STURM, RUGER & COMPANY, INC.
(Exact Name of Registrant as Specified in its
Charter)
Delaware
(State or Other Jurisdiction of Incorporation) |
001-10435
(Commission File Number) |
06-0633559
(IRS Employer Identification Number) |
One Lacey Place, Southport, Connecticut |
06890 |
(Address of Principal Executive Offices) |
(Zip Code) |
(203) 259-7843
Registrant’s telephone number, including
area code
N/A
(Former name or former address, if changed
since last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
RGR |
NYSE |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ¨
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Item 7.01 |
Regulation FD Disclosure |
On February 22, 2024, the Company hosted its post-earnings
release conference call and webcast to discuss our 2023 financial results. The transcript of the conference call and webcast is included
as Exhibit 99.1 to this Report on Form 8-K.
The information in this subsection of this Report
on Form 8-K and Exhibit 99.1 is furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for the purpose of Section
18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The filing of this Report
on Form 8-K will not be deemed an admission as to the materiality of any information in the Report that is required to be disclosed solely
by Regulation FD.
The text included as Exhibit 99.1 and the replay
of the conference call and webcast on February 22, 2024, is available on our website located at Ruger.com/corporate, although we reserve
the right to discontinue that availability at any time.
Certain statements contained in this Report on
Form 8-K (including Exhibit 99.1) may be deemed to be forward-looking statements under federal securities laws, and we intend that such
forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, but are not limited
to, statements regarding market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing
for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and
environmental legislation, and accounting estimates. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events
or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.
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Item 9.01 |
Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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By: |
/S/ THOMAS A. DINEEN |
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Name: |
Thomas A. Dineen |
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Title: |
Principal Financial Officer, |
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Principal Accounting Officer, |
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Senior Vice President, Treasurer and |
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Chief Financial Officer |
Dated: February 23, 2024
FEBRUARY 22, 2024 / 2:00PM
GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
REFINITIV STREETEVENTS
EDITED TRANSCRIPT
Q4 2023 Sturm Ruger
& Company Inc Earnings Call
EVENT DATE/TIME:
FEBRUARY 22, 2024 / 2:00PM GMT
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| 1 |
FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
CORPORATE PARTICIPANTS
Christopher J. Killoy Sturm, Ruger & Company, Inc. -
President, CEO & Director
Kevin B. Reid Sturm, Ruger & Company, Inc. - VP, General
Counsel & Corporate Secretary
Thomas A. Dineen Sturm, Ruger & Company, Inc. - Principal
Accounting Officer, Senior VP, Treasurer & CFO
CONFERENCE CALL PARTICIPANTS
Mark Eric Smith Lake Street Capital Markets, LLC, Research
Division - Senior Research Analyst
Rommel Tolentino Dionisio Aegis Capital Corporation, Research
Division - Head of Consumer Products and Special Situations
Ryan F. Hamilton Morgan Dempsey Capital Management LLC -
VP & Portfolio Manager
PRESENTATION
Operator
Welcome to the Sturm, Ruger fourth Quarter 2023 Earnings Conference
Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program,
Chris Killoy, President and CEO. Please go ahead, sir.
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Thank you. Good morning, and welcome to the Sturm, Ruger & Company
Year-End 2023 Conference Call. I'd like to ask Kevin Reid, our General Counsel, to read the caution on forward-looking statements. Tom
Dineen, our Chief Financial Officer, will then give you the fourth quarter and 2023 financial results, and then I will discuss our operations
and the state of the market. After that, we'll get to your questions. Kevin?
Kevin B. Reid Sturm, Ruger & Company, Inc. - VP, General
Counsel & Corporate Secretary
Thanks, Chris. We want to remind everyone that statements made in the
course of this meeting that state the company's or management's intentions, hopes, beliefs, expectations or predictions of the future
are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected
in such forward-looking statements.
Additional information concerning factors that could cause actual results
to differ materially from those in the forward-looking statements, as contained from time to time in the company's SEC filings, including
but not limited to the company's reports on Form 10-K for the year ended December 31, 2023, and on the forms 10-Q for the first, second
and third quarters of 2023. Copy of the documents may be obtained by contacting the company or the SEC or on the company website ruger.com/corporate
or, of course, the SEC website at sec.gov.
We do reference non-GAAP EBITDA. Please note that the reconciliation
of GAAP net income to non-GAAP EBITDA can be found in our Form 10-K for the year ended December 31, 2023, and our forms 10-Q
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FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
for the
first 3 quarters of 2023, which also are posted on our website. Furthermore, the company disclaims all responsibility to update forward-looking
statements. Chris?
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Thank you, Kevin. Now Tom will discuss company's 2023 results.
Thomas A. Dineen Sturm, Ruger & Company, Inc. - Principal
Accounting Officer, Senior VP, Treasurer & CFO
Thanks, Chris. For 2023, Net sales were $544 million and diluted earnings
were $2.71 per share. For 2022, net sales were $596 million and diluted earnings were $4.96 per share. For the fourth quarter of 2023,
net sales were $131 million and diluted earnings were $0.58 per share. For the corresponding period in 2022, net sales were $149 million
and diluted earnings were $1.06 per share.
Our profitability declined in 2023 from 2022 as our gross margin decreased
from 30% to 25%. The lower margin was driven by unfavorable deleveraging of fixed costs, resulting from decreased production and sales,
inflationary cost increases in materials, commodities, services, wages, energy, fuel and transportation, our product mix shift toward
products with relatively lower margins that remain in stronger demand and increased promotional costs.
Our continued focus on financial discipline and the cultivation of
long-term shareholder value is evident in our strong debt-free balance sheet. At December 31, 2023, our cash and short-term investments
totaled $118 million. Our short-term investments are invested in United States Treasury bills and in a money market fund that invest
exclusively in the United States Treasury instruments, which mature within 1 year.
At December 31, 2023, our current ratio was 4.3:1 and we had no debt.
Stockholders' equity was $332 million, which equates to a book value of $19 per share, of which $6.74 was cash and short-term investments.
In 2023, we generated $34 million of cash from operations. We reinvested $16 million of that back into the company in the form of capital
expenditures related to new product introductions and upgrades to our manufacturing equipment and facilities.
We expect our 2024 capital expenditures to total approximately $15
million. In 2023, we returned $123 million to our shareholders through the payment of $111 million of dividends, which included $88 million
in the form of a $5 per share special dividend paid in January 2023, and the repurchase of more than 264,000 shares of our common stock
in the open market at an average price of $44.71 per share for a total of $12 million.
At December 31, 2023, approximately $75 million still remain authorized
for share repurchases. Our Board of Directors declared a $0.23 per share quarterly dividend for shareholders of record as of March 15,
2024, payable on March 28, 2024. As a reminder, our quarterly dividend is approximately 40% of net income and therefore, varies quarter-to-quarter.
That's the financial update for 2023. Chris?
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FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Thanks, Tom. Consumer demand remained soft throughout most of 2023,
likely dampened by inflationary pressure and rising interest rates, leading to a 9% reduction in sales from the prior year. The estimated
unit sell-through of our products from the independent distributors to retailers in 2023, decreased 7% compared to 2023 -- excuse me,
compared to 2022.
In 2023, NICS background checks, as adjusted by the National Shooting
Sports Foundation, decreased 4%. Nevertheless, we remain disciplined and continue to focus on the long term. Reducing production levels
were appropriate and offering only modest promotions on select product families, resisting the temptation to enhance short-term results
at the expense of our long-term strategy.
As a result, inventory of our products at the independent distributors
decreased 39,000 units in 2023 despite the decreased demand. We are encouraged by our increased quarterly sales and profitability in
the fourth quarter, and we enter 2024 with a strong debt-free balance sheet, reduced distributor inventories and a full pipeline of new
products recently launched into the market and others still under development.
2024 is an exciting year for Ruger, as we're celebrating our 75th
anniversary. To honor our proud heritage, we are offering commemorative firearms that will only be available this year, all of which
are engraved with our 75th Anniversary logo. Our Mark IV target pistol, featuring a fully adjustable rear sight and undercut Patridge
front sight, and a heavy, tapered barrel.
A pair of 10/22 Sporter rimfire carbines, each featuring a stainless
steel barrel, silver-finished receiver, polished bolt, and match-sanded butt pad, and an LCP MAX double-stack, ten-round pistol, featuring
a stainless steel slide and a silver-anodized aluminum trigger. Also several limited in production additions of other products will be
released throughout the year.
The first of these is the Diamond Anniversary Limited Edition 1911
Pistol, which features an attractive, finely detailed, laser-engraved slide. We look forward to announcing more of these one-of-the-kind
firearms throughout 2024.
In addition to these 75th anniversary models, we have recently introduced
several new products that have been met with strong demand and excitement at the wholesale and retail levels and most importantly, with
our customers at the gun counter.
The Ruger American Rifle Generation II, our first update to the American
Rifle, which has been tremendously popular since its introduction in 2012. The Gen II models offer an array of new standard features,
which include a 3 position tang safety, an eye-catching splatter painter ergonomic stock with length of (inaudible) height adjustability
and a Cerakote finish spiral fluted barrel.
The 60th Anniversary 10/22 Carbine, the Sixth Edition of the Ruger
Collector's Series, features a stainless steel barrel and silver-finished receiver paired with a Gray Magpul Hunter X-22 stock, a blackened
bolt
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FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
laser engraved with a unique 60th Anniversary marking, and a red bolt handle and trigger.
Also have the Mini-14 with side-folding stock, reminiscent of the
original side-folding Mini-14 rifles made popular in 1970s. And the LC Carbine chambered in .45 Auto featuring a threaded barrel, adjustable
folding stock, Ruger Rapid Deploy folding sights, and ambidextrous controls.
Recently, there were some changes to the requirements for pistols
to be sold in California. Consequently, 5 Ruger pistols were added to the California roster of certified handguns, including a Mark IV
22/45, SR22, and LCP and the fully featured Ruger MAX-9 pistol.
These models are the first that Ruger has been able to introduce to
consumers in California in over 10 years, and we look forward to offering more quality Ruger pistols to the California roster in 2024.
New product sales, which include only major new products that were introduced in the past 2 years, represented $122 million or 23% of
firearm sales in 2023.
That's an increase from $78 million or 14% of sales in 2022. This
includes the MAX-9 pistol, the Security-380 pistol, the Super Wrangler revolver, the LCP MAX pistol, Marlin lever-action rifles, the
LC Carbine, Small-Frame Autoloading Rifle, and most recently American Centerfire Rifle Gen II.
We remain hard at work and look forward to introducing additional
innovative Ruger Marlin firearms in 2024. All of our new products in many of our classic firearms were on display at last month's SHOT
Show in Las Vegas. It was an exciting show and a great way to catch with wide variety of retailers and other industry attendees. We cohosted
a 75th anniversary event along with the folks from Hornady Ammunition, who were also celebrating 75th anniversary this year.
It was a memorable evening that honored the industry -- honored the
history and enduring achievements of 2 American leaders of our industry. We look forward to adding the next chapter of our proud legacy
in 2024 and our diverse and growing catalog products, robust debt-free balance sheet, commitment to a long-term strategy of generating
and returning shareholder value have us well positioned to do so. Operator, may we have the first question?
QUESTIONS AND ANSWERS
Operator
Certainly, one moment for our first question. And our first question
comes from the line of Mark Smith from Lake Street.
Mark Eric Smith Lake Street Capital Markets, LLC, Research Division
- Senior Research Analyst
First question for me is just looking at the quarter here, mix impact
during the quarter and maybe any impact that, that had on ASP.
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FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Mark, Chris here. Yes, I think when you look at our average selling
price in the quarter, kind of 2 things stand up. The backlog actually went up in Q4 largely based on some of the high-priced models that
were introduced, i.e., additional Marlin Centerfire lever actions and additional orders for the SFAR rifle. However, the average sales
price of orders received, when you look at that went down slightly from, say, Q1 level and Q2, up from Q3.
And that's really because we're selling a lot of products like the
repositioned LCP MAX, the original LCP that we repositioned that price. And so all that combined resulted in good unit sales, but the
lower average sales price of those guns going out.
Mark Eric Smith Lake Street Capital Markets, LLC, Research Division
- Senior Research Analyst
Okay. And I thought the orders look strong here during the quarter.
Is there any risk? Or should we be looking at? Do you feel like you pulled maybe some forward from Q1, which is typically a really strong
order -- quarter.
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Not really. We have a lot of new products launched in Q4, particularly
the American Rifle Gen II and addition -- additional Marlin SKUs that really impacted that order rate. So the order rate was strong.
There's all things that we expect to fulfill going forward, as we go out into 2024. So I definitely don't think it was anything pulled
forward. It really had to do with the new product launches that went out in Q4.
Mark Eric Smith Lake Street Capital Markets, LLC, Research Division
- Senior Research Analyst
Okay. And then inventory, your own as well as distributor inventory
went down, one of the better quarters here in the last couple of years. What's kind of your comfort level? How do you feel about where
the kind of channel inventory is today?
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
I think we're feeling pretty good about that. Like you said, distributor
inventory over the course of the year was down about 30,000. We were up about the same amount, but overall, pre-balance. So we'd like
to target our distributors around 6 terms. And so right now, they're right about in that strike zone. And we feel pretty good about that.
We don't see any sore spots in their inventory.
Some of the items that we repositioned through the course of 2023
were intended to help distributors move some of their problematic inventory, where they're a little higher in certain categories than
they'd like to be, and we think we were effective in doing that.
Mark Eric Smith Lake Street Capital Markets, LLC, Research Division
- Senior Research Analyst
Okay. And then just looking at the expense side of things, operating
expenses were a little higher than we'd expected. Anything going on there, do you feel like there's places maybe to cut going forward?
Or is this kind of a buildup coming into what could be a good year in '24. Any insight in kind of where your
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FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
expenses were and maybe
anything in the outlook for 2024 would be great.
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Good question. I think we saw a slight uptick from 2022. We're about
where we were in 2021, if I recall, on the operating expenses. A lot of that has to do with 2022. We had still, for example, had not
gone to the SHOT Show. We had a couple of expenses that were not in there versus 2023. We have a full complement of trade shows. But
there are certainly scenarios we need to look at in terms of making sure we have our expenses under control, cut some of those expenses
where we can and try to boost our profitability. That's an active effort that's underway as we speak.
Mark Eric Smith Lake Street Capital Markets, LLC, Research Division
- Senior Research Analyst
Okay. And the last one, Chris, just got a big picture. As we look
at historically, going into an election year, we would look for a pretty solid demand, as you look into your crystal ball, any thoughts
on kind of where the consumer is at and demand for firearms this year?
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Well, that's a good question. And (inaudible) when we look to plan
the year out. At least right now, we're seeing things fairly stable, and we're not seeing any outsized demand in any particular product
categories other than our new products. We're seeing things like at the recent shows, at the great American Outdoor Show at Harrisburg,
Pennsylvania, Western Hunting & Conservation Expo in Salt Lake City. Tremendous demand for some of our new products.
So that's very positive. But given the election year come out, I think
if there's any impact there will probably be in the back half of the year. We're not seeing anything right now. And I just don't know
beyond that what we may see this year. Historically, some things, whether it's sabre-rattling about additional regulatory impact or gun
control, may drive sales, but I just don't know at this point. We're not seeing anything yet.
Operator
(Operator Instructions) And our next question comes from the line
of Ryan Hamilton from Morgan Dempsey.
Ryan F. Hamilton Morgan Dempsey Capital Management LLC - VP &
Portfolio Manager
Could you walk me through the cadence for 2023 regarding inflation,
maybe and what you're seeing in 2024? Is it picking up? Is it -- maybe where you're at, is it picking up, slowing down, maybe where you're
at?
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
I think we're seeing persistent price increases. We didn't see things
decrease in price in our commodities and things of that nature, but we're not seeing the same level of increase as we did in the beginning
of the year. So I'd say it's fair to say it's certainly tapered off and probably stable where we are right now. Now some things certainly
are more sticky than others in certain categories, certain commodities, wages
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FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
and things of that nature.
Ryan F. Hamilton Morgan Dempsey Capital Management LLC - VP &
Portfolio Manager
And where are you being pinched. I mean you just brought up wages.
As far as commodities go, where are you still being pitched the most?
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Well, I think some of it's availability. Some of it's in our -- when
we look at steel, aluminum, even wood, for example, the quality of the ability to get quality walnut for some of our rifles is one of
those commodities that not many other manufacturers are concerned about, but that's one that try to get quality walnut at a reasonable
price is something that negatively impacts profitability or impacts the price of the firearm going out the door.
Ryan F. Hamilton Morgan Dempsey Capital Management LLC - VP &
Portfolio Manager
So you're not having a hard time getting it, you're just having to
pay more for it?
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
There are a few things we're having a hard time. And like I said,
the wood in particular, getting good quality, highly configured walnut when you're looking for it for a #1 rifle or an M77 wood stock
rifle, those are things that are harder and harder to find.
And so our buyers are always constantly looking for new sources and
trying to make sure we're getting the best quality product we can because we have our own wood shop. So we're turning those with blanks
up in Newport, New Hampshire and then putting it on our products at our factories, both in New Hampshire and North Carolina.
Ryan F. Hamilton Morgan Dempsey Capital Management LLC - VP &
Portfolio Manager
Got it. When looking at Marlin, it appears that you aren't fully meeting
the demand that's out there. Could you kind of comment a little bit on that and what you -- what levers you guys can pull to maybe either
get more rifles to market?
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Well, as you may know, this year, we turned on the 1894 line. So the
1894 line really doubles our capacity in total Marlin production. We have one line, we call a round bolt line that makes the 1895s and
336s. The other line makes the 1894. 1894s are the 44 magnums and 357 magnum rifles, which receiving tremendous demand, just like the
originals that we launched in the 45-70. That's good news.
And it's been a continuing challenge to get those ramped up to try
to meet demand. The team down the Marlin is doing an awesome job. We still have room to grow, and we're chasing that demand hard. We're
trying to be conscious of the fact that we have to maintain quality first, as we chase the demand. I mean these are quality rifles.
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FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
Our customers expect them to be quality made, and I think we're delivering
on that commitment, but we've got to be careful to make sure we don't try to go too fast and deliver rifles that are not up to snuff
to what our Ruger Marlin customers are expecting.
Ryan F. Hamilton Morgan Dempsey Capital Management LLC - VP &
Portfolio Manager
Right. No, that is great news. And then as I usually ask on these
calls, could you touch a little bit on the accessories business and what you're seeing there?
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Well, the accessories business is a profitable segment for us for
sure, particularly out of our ShopRuger segment, particularly when it comes to things that we make like our magazines, our BX1 magazines,
our BX-25 magazines, et cetera, and we ran a promotion in -- at the beginning of Q4 that included ShopRuger. It provided -- if a consumer
bought an American Rifle Generation I, they were able to redeem it for $100 ShopRuger gift card.
And that helped drive both sales of the generation -- Gen I American
rifles before the launch of the Gen IIs. And it also helped increase sales at -- on our ShopRuger segment and drive traffic there and
frankly, got a lot of new customers in the ShopRuger so we're very pleased with the results of that promo.
Operator
And our next question comes from the line of Rommel Dionisio from
Aegis Capital.
Rommel Tolentino Dionisio Aegis Capital Corporation, Research
Division - Head of Consumer Products and Special Situations
I know in your prepared comments, you talked about product mix shift
in 2023 being somewhat adverse. I wonder if you could just maybe give us a feel for the strong orders you got in the fourth quarter and
the new products that you've launched, how we should think about product mix going into 2024?
And as a follow-up to that, I know you guys have done a great job
over the years, really engineering cost out of the product line. And I wonder if you could just talk about some of the initiatives there
to better position your gross margins.
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Thanks, Rommel. I wouldn't call it adverse product mix as much as
we had some lines that like -- you take our original LCPs, the 37-01 was model number. When we started to look at where the market was,
where the competition was, we looked at that and said we need to reposition the price. We have a great gun, market-leading position with
that gun, but we know we can get our volume back up when we reposition that model.
So that's part of the actions we took on the -- that original LCP.
We also did it with the MAX-9 and the Security-9 pistols. So between that and then doing some things like ramping up some of the lines
that we neglected during COVID when we're pushing hard on certain other segments, things like single-action
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FEBRUARY 22, 2024 / 2:00PM GMT, Q4 2023 Sturm Ruger & Company Inc Earnings Call
revolvers, our team up in Newport has done a great job getting that
back up and running to kind of our historical levels. And so those lines, while they're in a lot of demand, they're also hard to make,
and they're not as high in margin as we like.
But I would tell you that the folks are working every week. We've
got new kaizens going on in all factories to take costs out, reduce our -- reduce manufacturing costs, make the line safer for the folks
working it. And so I'm optimistic that those kaizens will continue to yield results for us.
Operator
This does conclude the question-and-answer session of today's program.
I'd like to hand the program back to Chris Killoy, President and CEO, for any further remarks.
Christopher J. Killoy Sturm, Ruger & Company, Inc. - President,
CEO & Director
Thank you. In closing, I'd like to start by thanking all of you for
attending our call this morning and for our shareholders for their continued investment in our company. And I would like to thank our
loyal customers and the 1,800 hard-working members of the Ruger team, who design, manufacture and sell rugged reliable firearms every
day in our American factories. I hope you'll be able to join us at our virtual 2024 Annual Meeting on Thursday, May 30. Further details
will become available in April. Thank you.
Operator
Thank you, ladies and gentlemen, for your participation in today's
conference. This does conclude the program. You may now disconnect. Good day.
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©2024 Refinitiv. All Rights Reserved.
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