Remmington, the largest gun maker in America, is now bleeding money because guns just aren't selling the way they did under President Obama when Americans bought enough guns to equip several armies.
Remington Outdoors, the country's largest gun-maker, has become unprofitable in 2017. The privately-held company reports a $60.5 million net loss through October 1 on $467 million in revenue, compared to a $19.1 million gain on $644 million in revenue for the first nine months of 2016. It also reported a whopping 78% drop in EBITDA between the third quarters of 2016 and 2017, causing downward pressure on its bond prices.
There are so many implications to process here.
You know, as effective as Democratic presidents are for gun sales, perhaps the National Rifle Association (NRA) should support Democratic candidates.
Dropping tens of millions of dollars to elect Trump clearly hasn't paid off for them. Wouldn't it be more strategic for them to publicly accuse Democrats of being gun-grabbers while privately helping them win? At the very least, they should probably consider not helping Republicans.
It's not as if President Obama was ever really going to snatch up all the guns. He never even called for it nor did he have the authority to do it. But just the idea of the black president taking guns away from the white man was enough to propel gun sales to record levels.
Suckers.