Acme United Corporation announced its financial results for the third quarter ended September 30, 2024. The company reported net sales of $48.2 million, a 4% decrease compared to $50.4 million in the third quarter of 2023. However, excluding the impact of the Camillus and Cuda hunting and fishing product lines, which were sold on November 1, 2023, net sales for the quarter increased by 4%.
Net income for the third quarter of 2024 rose by 3% to $2.23 million, up from $2.15 million in the prior-year period. Diluted earnings per share for the quarter were $0.54, a decrease from $0.58 in Q3 2023. For the nine months ended September 30, 2024, net income increased by 26% to $8.31 million, and diluted EPS grew by 11% to $2.03.
The U.S. segment experienced a 6% sales decrease, but a 3% increase when excluding the divested product lines. European net sales saw a 10% increase in both U.S. dollars and local currency, driven by market share gains in the office channel. The company also highlighted the introduction of its latest generation of industrial first aid kits, featuring patented automatic replenishment capabilities for real-time monitoring of component use and expiration.
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