Sturm Ruger & Company Inc (NYSE:RGR) announced its quarterly earnings results after the bell Wednesday, yielding results that were below its year-ago figures.

The gun manufacturer announced fiscal 2017 fourth-quarter net sales of $118.2 million, while diluted earnings were 59 cents per share. In the year-ago quarter, Sturm Ruger & Company posted revenue of $161.8 million and earnings of $1.10 per share.

The figure was aided in 2017 by the recently enacted Tax Cuts and Jobs Act as it improved earnings by 3 cents per share. For the full year, the weapon maker raked in revenue of $522.3 million, while earnings were $2.91 per share.

In the year-ago period, Sturm Ruger & Company brought in $664.3 million, while diluted earnings were $4.59 per share. Overall, net sales fell by 21% year-over-year, while earnings declined 37% from the year-ago period.

This decline can be attributed to unfavorable de-leveraging of fixed manufacturing costs as production volumes have been falling. Consumer demand was lower overall due to the higher-than-normal demand during most of 2016, fueled in part by the presidential elections.

Sturm Ruger & Company’s new products amounted to $137.8 million during the year, or 27% of firearm sales for the year, below the year-ago total of $192.6 million, or 29 of firearm sales. Cash generated from operations during 2017 was $101 million.

The company’s capital expenditures amounted to $34 million throughout its fiscal 2017, while Sturm & Ruger predicts that its total 2018 capital expenditures will be $15 million.

RGR shares dipped about 0.6% after the bell.