Acme United(ACU) - 2024 Q3 - Quarterly Results

Financial Performance - Net sales for Q3 2024 were $48.2 million, a 4% decrease compared to$ 50.4 million in Q3 2023, but increased 4% excluding the impact of Camillus and Cuda product lines[1] - Net income for Q3 2024 was $2.23 million, a 3% increase compared to$ 2.15 million in Q3 2023, with diluted earnings per share decreasing 7% to $0.54[2] - Net sales for the nine months ended September 30, 2024 were$ 148.5 million, a 1% decrease compared to $149.6 million in the same period in 2023, but increased 5% excluding Camillus and Cuda[1] - Net income for the nine months ended September 30, 2024 was$ 8.31 million, a 26% increase compared to $6.59 million in the same period in 2023, with diluted earnings per share increasing 11% to$ 2.03[2] Regional Sales Performance - European net sales for Q3 2024 increased 10% in both USD and local currency compared to Q3 2023, and increased 15% excluding Camillus and Cuda[4] - Net sales in Canada for Q3 2024 decreased 1% in USD but increased 2% in local currency compared to Q3 2023, and increased 6% excluding Camillus and Cuda[5] Gross Margin - Gross margin for Q3 2024 was 38.5%, slightly down from 38.7% in Q3 2023, but increased to 39.4% for the nine-month period ended September 30, 2024, up from 37.3% in the same period in 2023[5][6] Debt and Cash Position - The company's bank debt less cash as of September 30, 2024 was $26.7 million, down from$ 38.2 million as of September 30, 2023[7] - The company paid $6.1 million for the acquisition of Elite First Aid Inc. and realized net proceeds of$ 13.0 million from the sale of Camillus and Cuda product lines[7] Product Innovation - The company introduced a new generation of industrial first aid kits with patented automatic replenishment capabilities, enhancing compliance with OSHA and ANSI regulations[3]