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Surging consumer demand for firearms leads to threefold hike in Ruger fourth-quarter profit

Sturm, Ruger & Co. is adding Marlin firearms production during 2021 at its 220,000 square-foot plant at 271 Cardwell Road in Mayodan.
News & Record of Greensboro
Another sharp increase in demand for firearms, spurred by the COVID-19 pandemic and national political tension boosted Sturm, Ruger & Co. to a nearly fourfold jump in fourth-quarter net income at $31.7 million.
Diluted earnings were $1.73 a share, compared with 45 cents a year ago. There were no earnings forecasts from Zacks Investment Research.
Ruger released its earnings report after the market closed Wednesday.
Fourth-quarter sales soared 60.9% to $169.3 million.
Ruger's profit increase came despite a nearly threefold increase in its income taxes to $30.6 million.

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BAT finishes fiscal 2020 on strong profit note with Reynolds again playing key revenue role

British American Tobacco Plc is the parent company of Reynolds American Inc., which employs about 2,500 in Forsyth County.
Journal
British American Tobacco Plc reported Wednesday slightly exceeding its adjusted revenue growth projection for fiscal 2020 in spite of the COVID-19 pandemic's impact on its global sales.
The manufacturer, per British financial custom, issues only first-half and full-year financial reports.
BAT is the worldâs largest publicly traded tobacco manufacturer. Reynolds American Inc., its largest global subsidiary, has about 2,500 employees in Forsyth County at its U.S. headquarters.
BAT estimated on June 9 adjusted revenue growth of between 1% and 3% range, down from an initialÂ range of 3% and 5%. The range was lowered with COVID-19 related economic shutdowns affecting its U.S. and global customer base.

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Hanesbrands inventory write-downs produce substantial fourth-quarter loss

Hanesbrands Inc.'s decision to take a combined $611 million in write-downs during the fourth quarter contributed to a $332.2 million loss, the company reported Tuesday.

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