US gun makers rake in $632 million since 2012: Report
Gun makers in the United States have raked in more than $600 million in profits during the past three years, a new report says.
A report published on Saturday by the New York Daily News, showed that four biggest US gun manufacturers have collectively earned $632 million in profits since the massacre of 20 children and 6 adults in Newtown, Connecticut on December 14, 2012.
In the wake of the mass shooting, Sturm Ruger, a well-known brand among gun enthusiasts which is based just 22 miles from Newtown in Southport, Connecticut, saw its profits surge from $70.6 million to $111.7 million.
Smith & Wesson, another famous firearm producer in nearby Springfield, Massachusetts, also experienced a significant increase in profits from $16.1 million to $78.7 million.
The Freedom Group, mass producing Remington rifles and Bushmaster assault rifles (a weapon used at the Newtown massacre) earned $57.7 million in profits in 2013, almost 10 times the $5.9 million they made in 2012.
Vista Group hunting rifle makers, who also produce ammunition and gun accessories, saw their profits rose from $10 million to $64 million in 2013.
This reaffirms the sad yet horrifying truth that mass shootings boost gun sales.
According to the Intercept, Smith & Wesson CEO P. James Debney told the company’s investors in 2013 that "The tragedy in Newtown and the legislative landscape" resulted in sales that were "significantly up."
“Fear and uncertainly that there might be increased gun control... drove many new people to buy firearms for the first time," he added.
Sturm-Ruger, Smith & Wesson and Vista Group have all reported steady profits every year since the 2012 nightmare. Only the Freedom group, which saw a big drop in hunting rifle sales in 2014, has experienced a loss.
American firearms manufacturers put out 10.8 million pistols, revolvers, rifles and shotguns in 2013, marking a 26% increase over the 8.5 million they made in 2012.
The number of background checks for gun purchases also saw a big spike, jumping from 13.7 million to 14.7 million in the same year.
Today, it is estimated that there are between 270 million to 300 million guns in the US, about one per person, the report noted.
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