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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) 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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