Ruger to Open New Plant in North Carolina
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Sturm, Ruger and Co has announced plans to open a new manufacturing plant in the same North Carolina town that is already home to the headquarters of the Freedom Group, one of the largest holding companies of firearms companies in the US.
Many gun makers and retailers have moved to expand in recent months following a surge in sales due to an anti-gun political climate.
Many manufacturers are looking to move to, or expand in, states with more gun friendly laws, as some states have made moves to restrict certain types of firearms.
According to WRAL,
The plant is expected to employ more than 470 workers in Rockingham County, where the unemployment rate is 10.3 percent. Sturm, Ruger could receive nearly $13 million in state tax breaks, employee training, infrastructure construction and other incentives, a state Commerce Department spokesman said. Local governments are expected to contribute more sweeteners next month.
Ruger manufactures a wide variety of firearms including semi-automatic handguns, semi-automatic rifles, bolt action rifles, shotguns, revolvers and several popular rimfire firearms.
Ruger reported solid profits at the end of last month. According to Ruger,
Sturm, Ruger & Company, Inc. (NYSE-RGR) announced today that for the second quarter of 2013 the Company reported net sales of $179.5 million and fully diluted earnings of $1.63 per share, compared with net sales of $119.6 million and fully diluted earnings of 91¢ per share in the second quarter of 2012.
For the six months ended June 29, 2013, net sales were $335.4 million and fully diluted earnings were $2.83 per share. For the corresponding period in 2012, net sales were $231.9 million and fully diluted earnings were $1.71 per share.
The Company also announced today that its Board of Directors declared a dividend of 65¢ per share for the second quarter, for shareholders of record as of August 16, 2013, payable on August 30, 2013. This dividend varies every quarter because the Company pays a percent of earnings rather than a fixed amount per share. This dividend is approximately 40% of net income.