Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- 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 the quarter under review, while the operating income jumped 59.6% to $2.19 million.
- Cash and equivalents amounted to $2.76 million as of March 31, 2023.
- Net income rose 19.3% Y/Y to $990,000. EPS increased 27.3% to $0.28, missing the analyst consensus of $0.44.
- Continued inventory reductions by some large mass market customers partially hampered overall quarterly performance.
- "The Company is on track to realize projected annual savings of $5 million in 2023 due to the many productivity improvements we have been implementing," said CEO Walter C. Johnsen. "We look forward to growth and improved profitability in 2023."
- Price Action: ACU shares are trading higher by 0.76% at $25.10 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!