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Acme United Clocks 5.8% Sales Growth In Q1 Backed By Solid Customer Base, New Product Launches

Benzinga ·  04/21/2023 22:39

Acme United Corporation (NYSE:ACU) reported first-quarter FY23 net revenue growth of 5.8% year-on-year to $45.84 million, beating the analyst consensus of $44.63 million.The company attributed the sales growth to the expansion of its customer base and new product introductions in the first aid and medical segment.Sales in the U.S. segment increased 9% Y/Y. Net sales in Canada decreased by 10%, mainly due to retailer inventory reductions, while it fell by 6% in Europe. Gross margin expanded to 35.5% for the quarter versus 34.5% last year on cost-saving initiatives implemented in the fall of 2022.Operating margin expanded 161 basis points to 4.8% in

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