Firearms business analysis
The shooting industry is experiencing one of its toughest years. Overall, firearms sales continue to be sluggish, despite price slashing, vigorous marketing campaigns and continued product innovation. While 1995 was a business year that staggered many in the industry, 1996 could carry the knockout blow.
The state of the industry today makes it painful to review the production statistics of 1994. It’s a lot like a last place NFL team looking back at the Super Bowl game they won two years earlier. But, just like rebuilding an NFL team, there are lessons to be learned from past successes.
Shooting Industry magazine normally would have published the 1994 production figures in the Dec. 1995 issue. However, the ATF delayed the release of the information while they refined what was a less-than-accurate reporting system. With improvements in place, the ATF information is more thorough and accurate than it has been since they began keeping records.
Total firearms production in 1994 exceeded 5 million guns, the first time the industry pushed to that level since 1982. Interestingly, handgun production actually dropped in 1994 from the 1993 level, while rifles and shotguns posted respectable increases. Shotgun production had the most impressive increase with 1,254,926 guns made in 1994, the most since 1980.
The 1994 handgun production figure of 2,581,961, compared to 1993’s 2,655,478, was lower because fewer pistols were made. There were 1,995,511 pistols manufactured in 1994, compared to 2,093,186 in 1993. While the 1994 pistol figure was down, it still bested (except for ‘93) any previous year.
Revolvers increased moderately in 1994 with 586,450 guns compared to 562,292 for 1993.
Rifle production was up in 1994 with 1,324,240 guns, an increase of 152,368 over the 1993 level of 1,171,872. This was the best posting for rifles since 1982, except for 1989 when 1,407,317 rifles were built.
The top three firearms manufacturers for 1994, and the number of guns they produced, were Sturm, Ruger: 797,865; Remington Arms 607,508; and Smith & Wesson: 524,765.
In 1994, Sturm, Ruger made 436,041 handguns, 354,355 rifles and 7,469 shotguns. Ruger’s total ‘94 production out-distanced their 1993 figure of 627,744 by 170,121 guns.
Remington Arms, in 1994, produced 204,496 rifles and 403,012 shotguns. This also was an increase over the 1993 figure of 567,773 by 39,735 guns.
Smith & Wesson’s 524,765 handguns during 1994 was an increase of 111,326 over their 1993 production of 413,439.
The top three handgun manufacturers for 1994 were Smith & Wesson: 524,765; Sturm, Ruger: 436,041 and Colt’s Manufacturing: 192,750.
Top rifle producers during 1994 were Marlin Firearms: 358,372; Sturm Ruger: 354,355; and Remington Arms: 204,496.
The top shotgun companies in ‘94 were Mossberg/Maverick Arms: 373,512; Remington: 403,012; and H&R 1871: 216,360.
The top U.S. exporters for 1994 were Smith & Wesson: 114,422 handguns; Remington Arms: 36,973 rifles, 27,835 shotguns; and O.F. Mossberg & Sons: 46,459 shotguns. Smith & Wesson and Remington had fewer exports in 1994 compared to 1993, while Mossberg increased its exports from 1993’s total of 32,472.
The top importers into the U.S. during 1994 were Brazil: 425,452; China: 356,158; and Russia: 282,195. The import business has changed significantly since 1994 because of additional government restrictions. As an example, in the first six months of 1994, China exported 42,600 handguns to the U.S. For the same period in 1995, the number had dropped to 5,900. During the first six months of 1994, Russia imported 105,484 handguns to the U.S. That dropped to 4,171 during the first half of 1995.