ACU - Acme United profits plummet amid supply chain problems

Acme United Corporation (NYSE:ACU) profits took a hit in the first quarter, per the company’s Friday morning earnings report. Earnings per share ticked in at $0.22, a steep drop from $0.52 per share in the year prior. First quarter net sales also waned slightly to $43.3 million as compared to $43.5 million in the first quarter of 2021. “Despite strong orders, revenues in the first quarter were reduced due primarily to supply chain disruptions,” Walter C. Johnsen said. “Direct import sales in which certain large, mass market customers take delivery from ports in China were affected by factory shutdowns and major port closures in China, as COVID-19 spread rapidly after the end of Chinese New Year in late February.” He added that ports were persistently congested on the east coast as well, pressuring margins for the Connecticut-based supplier of safety equipment. Gross margins fell just over 1% year over year,

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Acme United profits plummet amid supply chain problems