May 12, 2021
Net income attributable to shareholders nearly tripled in the first quarter to $38.5 million from $13.0 million last year, helped by a $19.0 million positive swing in environmental cleanup costs, as revenues increased 16% to $510.7 million from $439.3 million, despite a shift of about $40 million into Q2 due to supply chain delays.
Net income returned to growth in the final quarter ended Mar. 31, gaining 28% to ¥1,811 million ($17.1 mm) up from ¥1,415 million, on revenues that dipped 7% to ¥43,684 million ($412.5 mm) from ¥47,041 million.
The Finnish fishing tackle company promoted 10-year company veteran Marcus Twidale to run its U.S. operations as EVP and head of distribution, succeeding Rapala USA president Tom Mackin who is retiring.
Bill Sweedler, who has been running the company since CEO David Conn resigned last fall, is now also leaving SQBG.
SIG says that Springfield Armory’s magazine design for the Hellcat pistol infringes on its U.S. patents nos. 10,480,880 and 10,962,315 for ammunition magazines, in a suit filed in Rock Island, IL, federal court.