Acme United Corporation (NYSE: ACU) today announced that net sales for the three months ended September 30, 2023 were $50.4 million compared to $49.7 million in the same period of 2022, an increase of 1%. Net sales for the nine months ended September 30, 2023 were $149.6 million compared to $149.8 million in the same period in 2022.
Net income was $2.2 million, or $0.58 per diluted share, for the quarter, compared to $64,000, or $0.02 per diluted share, for the same period in 2022. Net income for the nine months ended September 30, 2023 was $6.6 million, or $1.83 per diluted share, compared to $3.6 million, or $0.96 per diluted share, for the same period in 2022, an increase of 82% in net income and 91% in diluted earnings per share.
CEO Walter C. Johnsen said, “I am pleased that sales at the end of the third quarter rebounded after more than a year of customer inventory reductions. In-bound shipping costs declined to historical levels. We successfully implemented a productivity plan which is resulting in $5 million of annual savings. In addition, we continued to aggressively reduce inventory. The Company paid down $26 million, or 41%, of its bank debt during the past 12 months.”
Johnsen continued, “We gained new product placement for 2024, including additional first aid and medical products at major drug and hardware chains, new Westcott cutting tools and DMT sharpeners at large retailers, and new customers for our Spill Magic clean up products.”
ACU shares acquired 71 cents, or 2.5%, to $29.15.
