Acme United Q2 EPS rises 35% to $0.96, net income $3.4M; gross margin up 480 bps

ACME UNITED CORP

2023-Q2 EPS reported $1.25 revenue$99,175,000

Q2 net sales $53.3M (-6% YoY); net income $3.4M (+26%); diluted EPS $0.96 (+35%).
Gross margin improved 480 bps to 37.5% from 32.7% on productivity gains, lower container costs.
Reduced inventory $9.1M and bank debt less cash $12.3M YoY to $47.5M.
U.S. segment sales -8% (inventory cuts), Europe -6%, Canada +13% (first aid strength).
Six-month diluted EPS $1.25 (+34% YoY); paid $2.0M dividends; generated ~$14.0M free cash flow.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ACME UNITED CORP reported the quarter ended June 30, 2023 results: revenue $53.3 million, net income $3.4 million, EPS $0.96 per diluted share.

Period: the quarter ended June 30, 2023
Revenue: $53.3 million
Net income: $3.4 million
EPS: $0.96 per diluted share
Result: reported results

Exact text from the filing

Acme United Corporation (NYSE American: ACU) today announced that net sales for the quarter ended June 30, 2023 were $53.3 million compared to $56.8 million in the second quarter of 2022, a decrease of 6%. Net sales for the six months ended June 30, 2023 were $99.2 million, compared to $100.1 million in the same period in 2022, a decrease of 1%. Net income was $3.4 million, or $0.96 per diluted share, for the quarter ended June 30, 2023, compared to $2.7 million, or $0.71 per diluted share, for the same period in 2022, an increase of 26% in net income and 35% in diluted earnings per share.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ACME UNITED CORP reported the six months ended June 30, 2023 results: revenue $99.2 million, net income $4.4 million, EPS $1.25 per diluted share.

Period: the six months ended June 30, 2023
Revenue: $99.2 million
Net income: $4.4 million
EPS: $1.25 per diluted share
Result: reported results

Exact text from the filing

Net sales for the six months ended June 30, 2023 were $99.2 million, compared to $100.1 million in the same period in 2022, a decrease of 1%. Net income was $3.4 million, or $0.96 per diluted share, for the quarter ended June 30, 2023, compared to $2.7 million, or $0.71 per diluted share, for the same period in 2022, an increase of 26% in net income and 35% in diluted earnings per share. Net income for the six months ended June 30, 2023 was $4.4 million, or $1.25 per diluted share, compared to $3.6 million, or $0.93 per diluted share, for the same period in 2022, an increase of 24% in net income and 34% in diluted earnings per share.

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Source: SEC EDGAR

accession 0000950170-23-033772

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