Acme United Q3 Profit Down

(RTTNews) - Acme United Corp. (ACU) reported that its third quarter net income declined to $64,000 or $0.02 per share from the prior year's $2.0 million or $0.50 per share, mainly due to higher cost of goods sold and higher interest expense.

Net sales for the quarter were $49.7 million compared to $47.9 million in the same period of 2021, an increase of 4% or 5% in constant currency.

The company has implemented a series of cost reduction initiatives that are expected to generate over $5.0 million in savings in 2023.

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