Welcome to our dedicated page for The L.S. Starrett Company news (Ticker: SCX), a resource for investors and traders seeking the latest updates and insights on The L.S. Starrett Company stock.
The L.S. Starrett Company (symbol: SCX) is a renowned leader in the manufacturing and sale of precision tools and equipment. Established in 1880 in Athol, Massachusetts, which remains the company's global headquarters, Starrett has cemented its reputation for unparalleled quality and reliability in the industry. Employing approximately 2,000 people worldwide, Starrett's commitment to excellence is evident in its devoted workforce, many of whom boast over 30 years of experience.
Starrett's extensive product portfolio includes over 5,000 items, categorized into precision measuring tools, saws, metrology equipment, precision ground stock, granite, and job-site and shop tools. These products cater to a diverse range of industries, including metalworking, automotive, aviation, marine, and agriculture, as well as DIY enthusiasts and tradesmen like builders.
The company's core business revolves around the manufacture and global distribution of these high-precision tools. Most of the precision tools are still crafted in their Athol plant, reflecting the company's dedication to quality craftsmanship. Starrett markets its products primarily through distributors, ensuring a broad reach across various industries.
Recent achievements and ongoing projects highlight Starrett's innovative approach and adaptability in the face of industry changes. The company continues to expand its product lines and improve existing offerings to meet the evolving needs of its customers. Strategic partnerships and collaborations further bolster its market presence and contribute to its ongoing success.
Financially, The L.S. Starrett Company remains stable, with a strong emphasis on sustainable growth and shareholder value. The company's consistent performance in the stock market is a testament to its solid foundation and forward-looking strategies.
The L.S. Starrett Company (NYSE: SCX) reported financial results for the second quarter of fiscal 2023, ending December 31, 2022.
Net sales reached $66.8 million, a 9% increase year-over-year, with North America performing strongly at 21% growth, contrasting a 5% decline in international sales, particularly in Europe, due to economic challenges and the Ukraine conflict.
Gross margin improved to 32.3%, up 140 basis points from the prior year, attributed to price increases despite ongoing inflationary pressures. Operating income rose to 8.9%, net income was $3.1 million, or $0.42 per diluted share, reflecting a 23.9% increase from last year.
SunCoke Energy, Inc. (NYSE: SXC) will announce its fourth quarter 2022 financial results and 2023 guidance on February 2, 2023, before the market opens. An earnings call is scheduled for 11:00 am ET on the same day, allowing investors and analysts to participate. SunCoke supplies high-quality coke used in steel production and has facilities in Illinois, Indiana, Ohio, Virginia, and Brazil. The company operates under long-term contracts, ensuring stable revenue. Additionally, it provides logistics services with significant capacity for material handling.
The L.S. Starrett Company (NYSE: SCX) reported its financial results for Q1 fiscal 2023, highlighting net sales of $60.5 million, a nearly 2% decline year-over-year, while currency-neutral sales remained flat at $61.4 million. The company faced soft international orders due to economic uncertainties, particularly in Europe. Gross margin improved to 33.4%, driven by price increases despite inflation. Operating income was 6.1%, down from 6.7% in the prior year. Diluted EPS was $0.27, a decrease primarily due to foreign exchange losses and increased pension expenses.
The L.S. Starrett Company (NYSE: SCX) reported a 15.5% increase in fiscal 2022 net sales, totaling $253.7 million, alongside a 30% rise in operating income to $21.6 million. Despite challenges from rising supply chain costs and labor shortages, gross margins improved to 34.5% in the latter half of the year. Fiscal 2022 diluted EPS was $2.00, compared to $2.11 in fiscal 2021. The company continues to maintain a strong backlog, signaling robust demand for precision tools and solutions, while implementing price increases to counter inflationary pressures.
FAQ
What is the current stock price of The L.S. Starrett Company (SCX)?
What is the market cap of The L.S. Starrett Company (SCX)?
What does The L.S. Starrett Company specialize in?
Where is The L.S. Starrett Company's headquarters?
How many products does Starrett offer?
Who are Starrett's main customers?
How many employees does The L.S. Starrett Company have?
What recent achievements has Starrett made?
How does Starrett distribute its products?
Are Starrett's products still made in the USA?
What is the significance of Starrett's headquarters location?
What is Starrett's approach to financial stability?
