CORRECTION – Acme United Reports 29% Increase in Net Income for Second Quarter of 2024
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
Acme United Corporation (NYSE American: ACU) today announced that net sales for the quarter ended June 30, 2024 were
Net income was
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
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
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
European net sales for the three months ended June 30, 2024 increased
Net sales in Canada for the three months ended June 30, 2024 decreased
Gross margin was
The Company’s bank debt less cash as of June 30, 2024 was
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. Driscoll | Acme United Corporation | 1 Waterview Drive | Shelton, 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 Ended | Six 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 | ||||
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