Despite a $4.6 million loss in its second quarter, Remington Outdoor Company reported higher earnings and profit halfway through the year.
Remington showed $204.3 million in second quarter sales, an increase of $2.2 million, according to financial filings released this week.
After adding in results from second quarter, which ended June 30, the company’s profits total $9.8 million six months into the calendar year. Yet, Remington’s first quarter is what’s keeping it in the black as at the beginning of the year the company filled government contracts and saw a mini-surge in sales of AR-style rifles.
Gun sales have been healthy for the shooting sports giant that’s made up of more than 15 firearm and ammo brands. Remington raked in $94.8 million in firearm sales, up $6.9 million from last year and $32.6 million six months in.
The increase reflects gun sales overall in that timeline. According to figures published by the National Instant Criminal Background Check System, from January to June, 2016 netted 32 percent, or 3.4 million, more checks than 2015 and continuing a pace for the biggest year on record.
Ammunition sales, on the other hand, are down slightly compared to last year. Remington reported $93 million, down by $600,000 for the quarter and $800,000 for the year.
Last year, Remington reported a $135.2 million loss despite netting more than $808 million in sales. The company attributed the loss to uprooting operations for a number of its more than a dozen brands from around the country and moving them to Huntsville, Alabama, where it plans to consolidate most of its manufacturing operations.Read More