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Acme United Corporation has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total net sales of $194.5 million for 2024, a 2% increase from $191.5 million in 2023. The increase is attributed to market share gains across multiple product lines.
Gross profit for 2024 was $76.4 million, representing 39.3% of net sales, compared to $72.2 million, or 37.7% of net sales, in 2023. The increase was primarily due to productivity improvements.
Selling, general, and administrative expenses were $62.2 million in 2024, up from $59 million in 2023, mainly due to higher personnel-related costs.
Operating income for 2024 was $14.1 million, an increase from $13.2 million in 2023. The U.S. segment saw an increase in operating income, while the European and Canadian segments experienced decreases.
Net interest expense decreased to $1.9 million in 2024 from $3 million in 2023, due to lower average debt outstanding.
The company recorded a net income of $10 million in 2024, down from $17.8 million in 2023. The decrease is attributed to the absence of a gain on the sale of business lines recorded in 2023.
Acme United completed the acquisition of Elite First Aid, Inc. for approximately $7.1 million in 2024, expanding its product offerings in tactical, trauma, and emergency response products.
The company reported a material weakness in its internal control over financial reporting related to information technology general controls, which is being addressed through remediation efforts.
Acme United's board has declared a quarterly dividend increase from $0.02 per share in 2004 to $0.15 per share in 2024.
The company continues to focus on expanding its product lines and improving operational efficiencies across its global operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Acme United Corporation. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.