Welcome to our dedicated page for L.S. Starrett news (Ticker: SCX), a resource for investors and traders seeking the latest updates and insights on L.S. Starrett stock.
Overview of L.S. Starrett
L.S. Starrett (SCX) is a storied American manufacturer renowned for its expertise in precision tools and measuring instruments. Founded in 1880 in Athol, MA, the company has built a legacy of quality craftsmanship that permeates every aspect of its extensive product portfolio. As a key player in industries such as metalworking, automotive, aviation, marine, and construction, Starrett has established itself as a trusted source for precision measuring tools, metrology equipment, saws, and job-site as well as shop tools.
Core Business and Operational Excellence
The company operates with a robust commitment to quality, with many of its precision tools still manufactured at its Athol headquarters. Here, generations of skilled toolmakers contribute decades of experience to uphold the company's reputation. Its comprehensive range of products is designed to meet diverse professional and consumer needs, ensuring that high-precision and reliability are at the heart of the engineering process.
Product Portfolio and Market Reach
Starrett provides a vast portfolio of over 5,000 products, categorized broadly into:
- Precision Measuring Tools: Instruments used for accurate measurements critical in various manufacturing processes.
- Metrology Equipment: Advanced devices for verifying product dimensions and tolerances in industrial and laboratory settings.
- Saws and Cutting Tools: Equipment that meets the robust needs of industrial metalworking and construction sectors.
- Job-site and Shop Tools: Reliable tools designed for practical use by tradesmen and DIY enthusiasts alike.
Through a network of distributors, Starrett effectively reaches a global customer base that values consistency, accuracy, and longevity in its tools. Its offerings are tailored to serve both large-scale industrial operations and smaller professional setups, underscoring its adaptability and market differentiation.
Industry Position and Competitive Edge
Starrett’s competitive position is strongly reinforced by its deep-rooted industry expertise and the institutional knowledge developed over more than a century. The company’s strategic approach to manufacturing and quality control not only ensures superior product performance but also reflects a commitment to tradition and innovation. This dual focus establishes a clear value proposition that resonates with sectors requiring precision and reliability in their operational processes.
Commitment to Quality and Craftsmanship
The term "Starrett quality" is often considered a benchmark within the industry. The company emphasizes a tradition of meticulous production methods combined with a modern approach to engineering challenges. This dedication to quality is evident in every product, making Starrett a trusted name for professionals who demand unmatched accuracy and performance.
Addressing Common Questions
Investors and industry analysts often seek detailed insights into how legacy companies sustain their reputations. Starrett’s approach, which blends time-honored craftsmanship with contemporary manufacturing standards, provides a robust response to such inquiries. The company’s long-standing heritage and commitment to precision have allowed it to maintain a stable market presence while continually evolving its product offerings.
Overall, the L.S. Starrett Company remains a cornerstone in the realm of precision tool manufacturing. Its unwavering commitment to excellence, backed by decades of accumulated expertise, sets it apart in a competitive industrial landscape.
The L.S. Starrett Company (NYSE: SCX) has appointed Chuck Alpuche to its Board of Directors, effective immediately. Alpuche, currently the Executive Vice President and COO of Insulet Corporation, brings extensive operational experience from his previous roles at PepsiCo and as an independent consultant. This move continues the Company's strategy of enriching its board with diverse and experienced leaders to address operational challenges and foster growth. Chairman Douglas Starrett noted that Alpuche's leadership will be invaluable for enhancing profitability and navigating the current business environment.
The L. S. Starrett Company, trading under NYSE:SCX, announced that the Board of Directors held a meeting on June 1, 2022, where they established the record date for voting at the upcoming annual stockholders' meeting. The meeting is scheduled for October 19, 2022, with the record date set for August 22, 2022. This announcement is vital for stockholders as it confirms eligibility for participation in corporate decision-making during the annual meeting.
The L.S. Starrett Company (NYSE: SCX) reported strong third-quarter results for fiscal 2022, achieving a diluted EPS of $0.57, a 39% increase year-over-year and a 68% rise sequentially. Net sales rose 10% to $60.5 million, with a record order intake exceeding $75 million. Gross margin improved to 34.8%, aided by price increases amidst inflationary pressures. Operating income reached 8.9%, while adjusted operating income rose to 10.0%. Despite challenges from supply chain issues and labor shortages, the company maintained a high backlog, indicating strong future demand.
The L.S. Starrett Company (NYSE: SCX) announced a new loan agreement with HSBC bank, replacing its previous credit facilities with TD Bank. The agreement includes a $30 million revolving line of credit, a $12.1 million term loan, and a $7 million capital expenditure credit facility, securing substantially all assets of the Company. This structure aims to enhance liquidity and flexibility for the Company’s growth needs. The new banking relationship is expected to improve global liquidity and treasury management capabilities.
Angeles Equity Partners has appointed Tom Riordan to the Board of Directors of Crenlo Engineered Cabs. With 30 years of experience in the heavy manufacturing sector, Riordan aims to support Crenlo's strategic growth, focusing on the needs of heavy equipment and off-highway vehicle manufacturers. His background includes leadership roles at various companies, including Neenah Enterprises and Terex Corporation. Riordan's expertise in acquisitions and business turnaround is expected to enhance Crenlo's market position.
The L.S. Starrett Company (NYSE: SCX) reported strong second quarter sales of $61.3 million, reflecting a 13% year-over-year growth. Demand across all sectors drove sales above pre-pandemic levels, while backlog remained historically high. However, gross margin decreased to 30.9%, down 170 basis points, as the company faced rising costs and labor shortages. Operating income fell to 6.9% compared to 11.5% last year. EPS was $0.34, down from $0.53, largely due to a previous gain from a facility sale. The company plans further price increases to combat cost pressures.
The L.S. Starrett Company (NYSE: SCX) reported a strong performance for the quarter ending September 30, 2021, with sales of
The L.S. Starrett Company (NYSE: SCX) reported a strong fiscal 2021 with sales of $219.6 million, a 9% increase from fiscal 2020.
Currency-neutral sales rose 15%. Diluted EPS surged 170% to $2.11. Restructuring led to improved margins, with gross margin increasing by 250 bps to 33.4%. Operating income was $16.6 million, significantly recovering from an operating loss in fiscal 2020. Debt was reduced by 29%, and pension liabilities improved by 44%.
The L. S. Starrett Company announced that its Board of Directors has set the record date for stockholder voting at the annual meeting, which is scheduled for October 13, 2021. The record date is established as the close of business on August 13, 2021. This ensures that all eligible shareholders can participate in the upcoming meeting, where key corporate matters will be discussed. Shareholders are encouraged to be aware of this date to safeguard their voting rights.
The L. S. Starrett Company (NYSE: SCX) has announced it is back in compliance with NYSE listing standards as of March 4, following improvements in market capitalization and shareholders' equity over the last two quarters. The company had been previously notified of non-compliance in October 2020 but implemented restructuring measures that quickly resolved the issue within five months. CEO Douglas A. Starrett highlighted significant improvement in financial metrics, positioning the company for sustainable profitability.
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