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CORRECTION – Acme United Reports 29% Increase in Net Income for Second Quarter of 2024

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Acme United (NYSE American: ACU) reported a 29% increase in net income for Q2 2024, with earnings rising to $4.5 million or $1.09 per diluted share. Net sales grew 4% to $55.4 million, and excluding the impact of divested product lines, sales increased by 8%. The company's gross margin improved significantly to 40.8% from 37.5% in the same period last year.

Key highlights include:

  • Acquisition of Elite First Aid, Inc., expanding emergency response product line
  • Strong market share gains in first aid and Westcott cutting tools
  • U.S. segment sales up 10% (excluding divested lines)
  • European sales increased 5% in local currency
  • Bank debt reduced to $33.1 million from $47.5 million year-over-year

CEO Walter C. Johnsen expressed satisfaction with the company's performance and strategic focus on primary product lines.

Acme United (NYSE American: ACU) ha riportato un incremento del 29% nel reddito netto per il secondo trimestre del 2024, con guadagni che sono saliti a $4,5 milioni, ovvero $1,09 per azione diluita. Le vendite nette sono cresciute del 4% a $55,4 milioni, e al netto dell'impatto delle linee di prodotti cedute, le vendite sono aumentate dell'8%. Il margine lordo dell'azienda è migliorato significativamente al 40,8% rispetto al 37,5% nello stesso periodo dell'anno scorso.

Le principali evidenze includono:

  • Acquisizione di Elite First Aid, Inc., espandendo la linea di prodotti per la risposta alle emergenze
  • Aumenti significativi della quota di mercato nei settori del pronto soccorso e degli strumenti da taglio Westcott
  • Aumento delle vendite del segmento statunitense del 10% (escludendo le linee cedute)
  • Aumento delle vendite europee del 5% in valuta locale
  • Riduzione del debito bancario a $33,1 milioni rispetto a $47,5 milioni nel confronto anno su anno

Il CEO Walter C. Johnsen ha espresso soddisfazione per le performance dell'azienda e per il focus strategico sulle linee di prodotti principali.

Acme United (NYSE American: ACU) informó un incremento del 29% en el ingreso neto para el segundo trimestre de 2024, con ganancias que ascendieron a $4.5 millones o $1.09 por acción diluida. Las ventas netas crecieron un 4% a $55.4 millones, y excluyendo el impacto de las líneas de productos desinvertidas, las ventas aumentaron un 8%. El margen bruto de la empresa mejoró significativamente al 40.8% desde el 37.5% en el mismo período del año pasado.

Los puntos destacados incluyen:

  • Adquisición de Elite First Aid, Inc., ampliando la línea de productos de respuesta a emergencias
  • Aumento de la cuota de mercado en primeros auxilios y herramientas de corte Westcott
  • Aumento de ventas en el segmento estadounidense del 10% (excluyendo líneas desinvertidas)
  • Las ventas europeas aumentaron un 5% en moneda local
  • Reducción de la deuda bancaria a $33.1 millones desde $47.5 millones año tras año

El CEO Walter C. Johnsen expresó su satisfacción con el desempeño de la empresa y su enfoque estratégico en las líneas de productos principales.

Acme United (NYSE American: ACU)는 2024년 2분기 순익이 29% 증가했다고 보고했으며, 수익은 450만 달러 또는 희석 주당 1.09달러로 상승했습니다. 순매출은 4% 증가하여 5540만 달러에 달하며, 매각된 제품 라인의 영향을 제외하면 매출은 8% 증가했습니다. 이 회사의 총 마진은 작년 동기 대비 37.5%에서 40.8%로 크게 개선되었습니다.

주요 사항은 다음과 같습니다:

  • 긴급 대응 제품 라인을 확장하기 위해 Elite First Aid, Inc. 인수
  • 응급처치 및 Westcott 절단 도구에서 시장 점유율 증가
  • 미국 부문 매출 10% 증가 (매각된 라인 제외)
  • 유럽 매출은 현지 통화 기준으로 5% 증가
  • 은행 부채가 연간 기준으로 4750만 달러에서 3310만 달러로 감소

CEO Walter C. Johnsen은 회사의 성과와 주요 제품 라인에 대한 전략적 집중에 대한 만족감을 표명했습니다.

Acme United (NYSE American: ACU) a annoncé une augmentation de 29% du revenu net pour le deuxième trimestre 2024, avec des bénéfices atteignant 4,5 millions de dollars, soit 1,09 dollar par action diluée. Les ventes nettes ont augmenté de 4% pour atteindre 55,4 millions de dollars, et en excluant l'impact des lignes de produits cédées, les ventes ont augmenté de 8%. La marge brute de l'entreprise s'est considérablement améliorée, passant de 37,5% à 40,8% par rapport à la même période l'année dernière.

Les faits saillants incluent :

  • Acquisition d'Elite First Aid, Inc., élargissant la gamme de produits d'intervention d'urgence
  • Gains significatifs de parts de marché dans les premiers secours et les outils de découpe Westcott
  • Ventes du segment américain en hausse de 10% (hors lignes cédées)
  • Les ventes européennes ont augmenté de 5% en monnaie locale
  • Diminution de la dette bancaire à 33,1 millions de dollars contre 47,5 millions de dollars d'une année sur l'autre

Le PDG Walter C. Johnsen a exprimé sa satisfaction quant à la performance de l'entreprise et son attention stratégique sur les lignes de produits principales.

Acme United (NYSE American: ACU) meldete einen Anstieg des Nettogewinns um 29% im zweiten Quartal 2024, wobei die Gewinne auf 4,5 Millionen Dollar oder 1,09 Dollar pro verwässerter Aktie stiegen. Der Nettoumsatz wuchs um 4% auf 55,4 Millionen Dollar, und ohne den Einfluss der veräußerten Produktlinien stieg der Umsatz um 8%. Die Bruttomarge des Unternehmens verbesserte sich erheblich auf 40,8% gegenüber 37,5% im gleichen Zeitraum des Vorjahres.

Wichtige Highlights sind:

  • Übernahme von Elite First Aid, Inc. zur Erweiterung der Produktlinie für Notfallmaßnahmen
  • Starke Marktanteilsgewinne im Bereich Erste Hilfe und Westcott Schneidwerkzeuge
  • Umsatz im US-Segment um 10% gestiegen (ohne veräußerte Linien)
  • Europäische Umsätze stiegen um 5% in lokaler Währung
  • Bankverbindlichkeiten wurden von 47,5 Millionen Dollar auf 33,1 Millionen Dollar im Jahresvergleich reduziert

CEO Walter C. Johnsen äußerte Zufriedenheit mit der Unternehmensleistung und dem strategischen Fokus auf die Hauptproduktlinien.

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SHELTON, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Acme United Corporation (NYSE American: ACU), please note that in the "CONDENSED CONSOLIDATED STATEMENTS OF INCOME" table, the "Net sales" figure for "Three Months Ended June 30, 2023" should be "53,336", not "55,336" as previously stated, due to a typographical error. No other numbers or calculations were affected. The net sales figure for the three months ended June 30, 2023, was correctly stated as $53.3 million in the opening paragraph of the original release. The corrected release follows:

Acme United Corporation (NYSE American: ACU) today announced that net sales for the quarter ended June 30, 2024 were $55.4 million compared to $53.3 million in the second quarter of 2023, an increase of 4%. Excluding the impact of the Camillus and Cuda hunting and fishing product lines sold on November 1, 2023, net sales for the second quarter of 2024 increased 8% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 were $100.4 million, compared to $99.2 million in the same period in 2023, an increase of 1%. Excluding Camillus and Cuda, net sales for the six months increased 5% compared to the same period in 2023.

Net income was $4.5 million, or $1.09 per diluted share, for the quarter ended June 30, 2024, compared to $3.4 million, or $0.96 per diluted share, for the same period in 2023, an increase of 29% in net income and 14% in diluted earnings per share. Net income for the six months ended June 30, 2024 was $6.1 million, or $1.47 per diluted share, compared to $4.4 million, or $1.25 per diluted share, for the same period in 2023, an increase of 37% in net income and 18% in diluted earnings per share.

On May 23, 2024, the Company acquired the assets of Elite First Aid, Inc. (“Elite First Aid”), a leading supplier of tactical, trauma and emergency response products based in Wake Forest, North Carolina. Elite First Aid had revenues in 2023 of approximately $4.2 million.

Chairman and CEO Walter C. Johnsen said, “Sales in the second quarter of 2024 were strong. We had significant market share gains and sales growth in first aid. Revenues of Westcott cutting tools increased due to gains in the craft market and growth in back-to-school sales. Our underlying growth was approximately 8% in the quarter after taking into account the revenues of the hunting and fishing lines which were sold last year to enhance our focus on Acme United’s primary product lines.”

Mr. Johnsen continued, “We are excited about our acquisition of Elite First Aid, which has significantly strengthened our emergency response product line and expanded our customer base. We also intend to offer the Elite First Aid products to our existing customer base in the coming quarters. I am gratified that the expansion of our product line will enhance our ability to help save lives in trauma situations.”

For the three months ended June 30, 2024, net sales in the U.S. segment increased 5% compared to the same period in 2023. Excluding Camillus and Cuda, net sales for the second quarter of 2024 increased 10% compared to the second quarter of 2023 mainly due to market share gains across multiple product lines. For the six months ended June 30, 2024, net sales in the U.S. segment increased 2% compared to the same period in 2023. Excluding Camillus and Cuda, net sales for the six months increased 6% compared to the same period in 2023.

European net sales for the three months ended June 30, 2024 increased 4% in U.S. dollars and 5% in local currency compared to the second quarter of 2023. Excluding Camillus and Cuda, net sales for the second quarter of 2024 increased 9% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 increased 5% in both U.S. dollars and local currency compared to the first half of 2023. Excluding Camillus and Cuda sales for the six months, net sales increased 8% compared to the same period in 2023. The sales increase for both periods was due to market share gains in the office channel.

Net sales in Canada for the three months ended June 30, 2024 decreased 7% in both U.S. dollars and local currency compared to the same period in 2023. Excluding Camillus and Cuda, net sales for the second quarter of 2024 decreased 4% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 decreased 7% in both U.S. dollars and local currency compared to the first half of 2023. Excluding Camillus and Cuda, net sales for the six months decreased 2% compared to the same period in 2023. Sales of school and office products have been impacted by a soft economy.

Gross margin was 40.8% in the three months ended June 30, 2024 versus 37.5% in the comparable period last year. Gross margin was 39.9% for the six month period ended June 30, 2024, compared to 36.6% for the same period in 2023. The increases in the three and the six-month periods ending June 30, 2024 were primarily due to productivity improvements in the Company’s manufacturing and distribution facilities.

The Company’s bank debt less cash as of June 30, 2024 was $33.1 million compared to $47.5 million as of June 30, 2023. During the twelve-month period ended June 30, 2024, the Company paid approximately $6.1 million for the acquisition of the assets of Elite First Aid Inc., distributed $2.1 million in dividends on its common stock and generated approximately $8.5 million in free cash flow. Additionally, the Company realized net proceeds from the sale of the Camillus and Cuda product lines of approximately $13.0 million.

Conference Call and Webcast Information
Acme United will hold a conference call to discuss its quarterly results, which will be broadcast on Friday, July 19, 2024, at 12:00 p.m. ET. To listen or participate in a question and answer session, dial 877-407-0784. International callers may dial 201-689-8560. The confirmation code is 13747775. You may access the live webcast of the conference call through the Investor Relations section of the Company’s website, www.acmeunited.com. A replay may be accessed under Investor Relations, Audio Archives.

About Acme United
ACME UNITED CORPORATION is a leading worldwide supplier of innovative safety solutions and cutting technology to the school, home, office, hardware, sporting goods and industrial markets. Its leading brands include First Aid Only®, First Aid Central®, PhysiciansCare®, Pac-Kit®, Spill Magic®, Westcott®, Clauss®, DMT®, Med-Nap and Elite First Aid. For more information, visit www.acmeunited.com.

Forward Looking Statements
The Company may from time to time make written or oral “forward-looking statements” including statements contained in this report and in other communications by the Company, which are made in good faith pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on our beliefs as well as assumptions made by and information currently available to us. When used in this document, words like “may,” “might,” “will,” “except,” “anticipate,” “believe,” “potential,” and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from our current expectations.

Forward-looking statements in this report, including without limitation, statements related to the Company’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that may impact the Company’s business, operations and financial results.

These risks and uncertainties include, without limitation, the following: (i) changes in the Company’s plans, strategies, objectives, expectations and intentions, which may be made at any time at the discretion of the Company; (ii) the impact of uncertainties in global economic conditions, including the impact on the Company’s suppliers and customers; (iii) the continuing adverse impact of inflation, including product costs, and interest rates; (iv) potential adverse effects on the Company, its customers, and suppliers resulting from the conflicts in Ukraine and the Middle East; (v) additional disruptions in the Company’s supply chains, whether caused by pandemics, natural disasters, including trucker shortages, port closures or otherwise; (vi) labor related costs the Company has and may continue to incur, including costs of acquiring and training new employees and rising wages and benefits; (vii) currency fluctuations including, for example, the fluctuation of the dollar against the euro; (viii) the Company’s ability to effectively manage its inventory in a rapidly changing business environment; (ix) changes in client needs and consumer spending habits; (x) the impact of competition; (xi) the impact of technological changes including, specifically, the growth of online marketing and sales activity; (xii) the Company’s ability to manage its growth effectively, including its ability to successfully integrate any business it might acquire; (xiii) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; and (xiv) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

     
CONTACT:Paul G. DriscollAcme United Corporation1 Waterview DriveShelton, CT 06484
  Phone: (203) 254-6060  


 
ACME UNITED CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
SECOND QUARTER REPORT 2024
(Unaudited)
     
  Three Months Ended Three Months Ended
Amounts in 000's except per share data June 30, 2024 June 30, 2023
     
     
Net sales $ 55,425  $ 53,336 
Cost of goods sold  32,798   33,314 
Gross profit  22,627   20,022 
Selling, general, and administrative expenses  16,252   14,772 
Operating income  6,375   5,250 
Interest expense  578   860 
Interest income  (39)  (28)
Interest expense, net  539   832 
Other income, net   (28)  (23)
Total other income, net   (28)  (23)
Income before income tax expense  5,864   4,441 
Income tax expense   1,412   998 
Net income $ 4,452  $ 3,443 
     
Shares outstanding - Basic  3,679   3,555 
Shares outstanding - Diluted  4,088   3,591 
     
Earnings per share - Basic $ 1.21  $ 0.97 
Earnings per share - Diluted  1.09   0.96 
     
     
     
ACME UNITED CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
SECOND QUARTER REPORT 2024 (cont.)
(Unaudited)
     
     
  Six Months EndedSix Months Ended
Amounts in 000's except per share data June 30, 2024 June 30, 2023
     
Net sales $ 100,382  $ 99,175 
Cost of goods sold  60,358   62,872 
Gross profit  40,024   36,303 
Selling, general, and administrative expenses  31,090   28,865 
Operating income  8,934   7,438 
Interest expense  1,054   1,779 
Interest income  (72)  (45)
Interest expense, net  982   1,734 
Other income, net   (72)  (46)
Total other income, net   (72)  (46)
Income before income tax expense  8,024   5,750 
Income tax expense  1,935   1,318 
Net income $ 6,089  $ 4,432 
     
Shares outstanding - Basic  3,664   3,548 
Shares outstanding - Diluted  4,143   3,548 
     
Earnings per share - Basic $ 1.66  $ 1.25 
Earnings per share - Diluted  1.47   1.25 
     
     
     
ACME UNITED CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
SECOND QUARTER REPORT 2024
(Unaudited)
     
Amounts in 000's June 30, 2024 June 30, 2023
     
Assets:    
Current assets:    
Cash and cash equivalents $ 3,791  $ 3,401 
Accounts receivable, net  40,074   39,796 
Inventories  56,621   55,944 
Prepaid expenses and other current assets  5,662   4,330 
Total current assets  106,148   103,471 
     
Property, plant and equipment, net  30,570   27,263 
Operating lease right of use asset  5,176   2,374 
Intangible assets, less accumulated amortization  31,647   27,969 
Other assets  -   750 
Total assets $ 173,541  $ 161,827 
     
Liabilities and stockholders' equity:    
Current liabilities:    
Accounts payable $ 10,319  $ 10,724 
Operating lease liability - short term  1,589   1,122 
Mortgage payable - short term  429   411 
Other accrued liabilities  15,656   13,013 
Total current liabilities  27,992   25,271 
Long term debt  26,419   39,979 
Mortgage payable - long term  10,073   10,485 
Operating lease liability - long term  3,684   1,407 
Other non-current liabilities  1,415   1,033 
Total liabilities   69,583   78,175 
Total stockholders' equity  103,958   83,652 
Total liabilities and stockholders' equity $ 173,541  $ 161,827 
     

FAQ

What was Acme United's net income for Q2 2024?

Acme United (ACU) reported a net income of $4.5 million for Q2 2024, representing a 29% increase compared to the same period in 2023.

How much did Acme United's net sales grow in Q2 2024?

Acme United's net sales grew 4% to $55.4 million in Q2 2024. Excluding divested product lines, sales increased by 8% compared to Q2 2023.

What was Acme United's earnings per share for Q2 2024?

Acme United (ACU) reported earnings of $1.09 per diluted share for Q2 2024, up 14% from $0.96 per diluted share in Q2 2023.

Did Acme United make any acquisitions in 2024?

Yes, Acme United (ACU) acquired the assets of Elite First Aid, Inc. on May 23, 2024. Elite First Aid is a supplier of tactical, trauma, and emergency response products.

What was Acme United's gross margin in Q2 2024?

Acme United's gross margin for Q2 2024 was 40.8%, a significant improvement from 37.5% in the same period last year.

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