Acme United Q2 net income up 16% to $3.7M; EPS $0.94, +2% YoY

ACME UNITED CORP

2021-Q2 EPS reported $2.34 revenue$88,372,000

Net sales Q2 2021 $44.8M, up 2% YoY; Europe +26%, Canada +68% in USD; U.S. down 4% due to warehouse system installation.
Net income excl. PPP forgiveness $3.72M ($0.94 EPS) vs $3.20M ($0.92) YoY, +16%.
PPP loan of $3.5M fully forgiven; including forgiveness, Net income $7.2M ($1.82 EPS).
Gross margin 36% Q2 vs 36.5% prior year; six-month 36% vs 37%.
Bank debt $39.4M; paid $9.3M for Med-Nap acquisition; $1.7M dividends; $3.6M free cash flow.

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