The U.S. economy grew at a solid pace in the second quarter after slowing down in the first three months of the year. The Bureau of Economic Analysis said on Jul 25 that the U.S. GDP grew at an annualized rate of 2.8% in the second quarter, double the pace seen in the first quarter and above the consensus estimate of a rise of 2%.A jump in inflation in the first quarter, coupled with record-high interest rates, had raised concerns that economic expansion was in danger. However, the fears seem to have subsid ...

NEWTON, Mass., July 29, 2024 (GLOBE NEWSWIRE) -- Acumen Pharmaceuticals, Inc. (NASDAQ: ABOS), a clinical-stage biopharmaceutical company developing a novel therapeutic that targets soluble amyloid beta oligomers (AβOs) in the brain for the treatment of Alzheimer’s disease (AD), today announced that the first subject has been dosed with a subcutaneous formulation of sabirnetug (ACU193) in a Phase 1 pharmacokinetic (PK) comparison study. The study plans to compare the PK between subcutaneous and intravenous a ...

Financial Data and Key Metrics Changes - Acme United Corporation reported a 4% increase in sales to $55.4 million for Q2 2024, with net income rising 29% to $4.5 million, and earnings per share increasing 14% to $1.09 compared to Q2 2023 [5][12] - The company's net sales increased 8% in Q2 2024 when excluding the impact of the hunting and fishing product lines sold in November 2023 [5][10] - Gross margin improved to 40.8% in Q2 2024 from 37.5% in 2023, attributed to productivity improvements in manufacturing and distribution [11] Business Line Data and Key Metrics Changes - The first aid products segment saw organic growth of 8% in Q2 2024, driven by market share gains and successful new product introductions [6] - Sales of Westcott products increased due to new craft cutting tools shipments and strong back-to-school sales [7] - The DMT product line benefited from a significant rollout of kitchen knife sharpeners to a major retailer [7] Market Data and Key Metrics Changes - Net sales in the US segment, excluding Camillus and Cuda, increased 10% in Q2 2024, with notable growth in first aid and craft products [10] - In Europe, net sales excluding Camillus and Cuda increased 9% in local currency for the quarter [10] - Canadian sales, excluding Camillus and Cuda, decreased 4% in Q2 2024, primarily due to a decline in school and office products [11] Company Strategy and Development Direction - The company is focused on growth through acquisitions and has successfully integrated the Hawktree acquisition to expand its first aid product line in Canada [7][8] - Acme United plans to leverage its distribution channels to expand the Elite First Aid product line, which includes high-performance trauma kits [22][23] - The company is actively evaluating further acquisition opportunities to enhance its product offerings and vertical integration [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from high inflation and supply chain disruptions but indicated these are not serious issues currently [29] - The company expects continued organic growth and is optimistic about the remainder of 2024, particularly as comparisons with the sold product lines diminish [9][25] - Management emphasized a focus on core businesses following the sale of Cuda and Camillus, which has allowed for better resource allocation [39] Other Important Information - The company generated $8.5 million in free cash flow and reduced bank debt to $33 million as of June 30, 2024 [13] - Acme United has invested in new equipment to improve productivity and is implementing warehouse management software to enhance operational efficiency [8] Q&A Session Summary Question: Will SG&A grow slower than sales in the future? - Management indicated that SG&A should decline relative to sales, despite a recent increase due to accrued bonuses and investments in IT [16][18] Question: Will there be employee stock option cash outs to lower the diluted share count? - Management confirmed the intent to facilitate stock option cash outs due to a stronger balance sheet [20] Question: Are there cross-selling opportunities with the Elite First Aid acquisition? - Management expressed optimism about cross-selling opportunities, highlighting the life-saving capabilities of the new product line [21][22] Question: Are inflation and supply chain disruptions still significant issues? - Management noted that while inflation and container costs have fluctuated, they are not currently serious issues [29] Question: How did the Elite acquisition come about? - Management explained that the acquisition was a result of ongoing communication and interest over several years [30] Question: What has been done to improve the Canadian acquisition? - Management detailed efforts to align product numbers, reassure customers, and improve service following the acquisition of Hawktree [35][36] Question: Has the sale of Cuda and Camillus impacted management focus? - Management confirmed that the sale has allowed for greater focus on core businesses, reducing distractions [39] Question: What is the outlook for gross margin? - Management suggested that while gross margin may not reach previous highs, there is potential for gradual improvement as higher-margin products gain traction [43]

SHELTON, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Acme United Corporation (NYSE American: ACU), please note that in the "CONDENSED CONSOLIDATED STATEMENTS OF INCOME" table, the "Net sales" figure for "Three Months Ended June 30, 2023" should be "53,336", not "55,336" as previously stated, due to a typographical error. No other numbers or calculations were affected. The net sales figure for the three months ended June 30, 2023, was correctly stated ...

Acme United Corporation. (ACU) came out with quarterly earnings of $1.09 per share, beating the Zacks Consensus Estimate of $0.94 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15.96%. A quarter ago, it was expected that this company would post earnings of $0.36 per share when it actually produced earnings of $0.39, delivering a surprise of 8.33%.Over the last four quarters, the c ...

ACME UNITED CORPORATION NEWS RELEASE CONTACT: Paul G. Driscoll Acme United Corporation 1 Waterview Drive Shelton, CT 06484 Phone: (203) 254-6060 FOR IMMEDIATE RELEASE July 19, 2024 ACME UNITED REPORTS 29% INCREASE IN NET INCOME FOR SECOND QUARTER OF 2024 SHELTON, CT – July 19, 2024 – Acme United Corporation (NYSE American: ACU) today announced that net sales for the quarter ended June 30, 2024 were $55.4 million compared to $53.3 million in the second quarter of 2023, an increase of 4%. Excluding the impact ...

SHELTON, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- Acme United Corporation (NYSE American: ACU) today announced that net sales for the quarter ended June 30, 2024 were $55.4 million compared to $53.3 million in the second quarter of 2023, an increase of 4%. Excluding the impact of the Camillus and Cuda hunting and fishing product lines sold on November 1, 2023, net sales for the second quarter of 2024 increased 8% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 were $ ...

SHELTON, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- Acme United Corporation (NYSE:ACU) today announced that net sales for the quarter ended June 30, 2024 were $55.4 million compared to $53.3 million in the second quarter of 2023, an increase of 4%. Excluding the impact of the Camillus and Cuda hunting and fishing product lines sold on November 1, 2023, net sales for the second quarter of 2024 increased 8% compared to the second quarter of 2023. Net sales for the six months ended June 30, 2024 were $100.4 mill ...

Group 1 - Acme United Corporation will release its financial results for the Second Quarter 2024 on July 19, 2024, at 9:00 AM Eastern Time [1] - A conference call to discuss the financial results will take place on the same day at 12:00 PM Eastern Time, with dial-in options provided for participants [1] - The live webcast of the conference call will be accessible through the Investor Relations section of the company's website, with a replay available later [1] Group 2 - Acme United Corporation is a leading supplier of innovative safety solutions and cutting technology across various markets, including school, home, office, and industrial sectors [2] - The company offers a range of well-known brands such as First Aid Only®, Westcott®, and Spill Magic®, among others [2]

SHELTON, Conn., July 11, 2024 (GLOBE NEWSWIRE) -- Acme United Corporation (NYSE American: ACU) will release its financial results for Second Quarter 2024 on Friday, July 19, 2024, at 9:00 AM Eastern Time. A conference call to discuss these results will be broadcast over the internet Friday, July 19, 2024, at 12:00 p.m. Eastern Time. To listen to or participate in a question-and-answer session, dial 1-877-407-0784, international callers dial 1-201-689-8560, conference ID: 13747775. Access to the live webcast ...