Acme United Q3 EPS plummets to $0.02 from $0.50 on supply chain costs; sales up 4%

ACME UNITED CORP

2022-Q3 EPS reported $0.96 revenue$149,849,000

Q3 net sales $49.7M (+4% YoY); net income $64,000 ($0.02 diluted EPS) vs $2.0M ($0.50) in Q3 2021.
Gross margin fell to 32.0% from 35.5% due to $1.3M in exceptional ocean freight and demurrage costs.
Expects $900K supply chain expense in Q4 2022 and $400K in Q1 2023; total $4.4M across 2022-2023.
Cost reduction initiatives targeted to generate over $5.0M in savings in 2023.
Bank debt net of cash $64M (up from $38M); inventory increased $17M over 12 months for growth.

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