Conferencia de resultados del T3 de 2026 de Acme United (ACU): las ventas aumentan un 18 %, el BPA alcanza los 0,80 $

Conclusiones clave

• Las ventas netas de Acme United en el tercer trimestre de 2026 aumentaron un 18% interanual hasta los 58,0 millones de dólares. Excluyendo el negocio de venta directa al consumidor adquirido, las ventas crecieron un 10%.
• El beneficio neto aumentó un 80% hasta los 3,4 millones de dólares, mientras que el BPA diluido se incrementó un 74% hasta los 0,80 dólares. Excluyendo el beneficio neto después de impuestos de aproximadamente 1,0 millones de dólares procedente de las devoluciones de aranceles y partidas relacionadas, el beneficio neto creció un 24% hasta los 2,4 millones de dólares y el BPA subió un 20% hasta los 0,55 dólares.
• Las ventas del segmento de Estados Unidos aumentaron un 20%, impulsadas por los productos de primeros auxilios, las herramientas de corte Westcott y las sólidas promociones para la vuelta al colegio. Europa y Canadá crecieron un 7% y un 12%, respectivamente, en moneda local.
• La empresa recibió 6,0 millones de dólares en devoluciones de aranceles y reconoció 4,0 millones de dólares como una reducción en el coste de los bienes vendidos durante el trimestre.
• La dirección prevé que el cuarto trimestre de 2026 sea estacionalmente fuerte en ventas y beneficios. Ya se ha reservado nuevo negocio de primeros auxilios para 2027, mientras que la demanda de herramientas de corte se mantiene firme.
• Acme United cerrará su planta de DMT en Marlboro, Massachusetts, durante el cuarto trimestre. La dirección prevé un ahorro anual de más de 1,0 millones de dólares a partir de enero de 2027.

Datos financieros clave

En los primeros nueve meses de 2026, las ventas aumentaron un 16% hasta los 173 millones de dólares. El beneficio neto creció un 14% hasta los 9,5 millones de dólares y el BPA diluido se incrementó un 13% hasta los 2,29 dólares. El margen bruto de los nueve meses mejoró hasta el 42,6% desde el 39,8%.

La deuda neta aumentó a 29,7 millones de dólares al 30 de septiembre de 2026, frente a los 23,1 millones de dólares de un año antes. Durante ese periodo, Acme United pagó 14,5 millones de dólares por una adquisición, distribuyó aproximadamente 2,4 millones de dólares en dividendos y compró una línea de productos de corte y afilado en Alemania por 1,6 millones de dólares. La empresa generó aproximadamente 31 millones de dólares en flujo de caja libre, incluidos 4 millones de dólares en devoluciones de aranceles.

Rendimiento comercial y operativo

Las ventas del segmento de Estados Unidos aumentaron un 20% en el tercer trimestre, o un 10% excluyendo el negocio adquirido. El crecimiento fue generalizado en todas las líneas de productos, destacando la contribución de los primeros auxilios y las herramientas de corte Westcott. Las ventas de la campaña de vuelta al colegio se beneficiaron de una renovada actividad promocional y un sólido nivel de ventas finales en el mercado masivo.

El negocio de venta directa al consumidor adquirido generó 4,0 millones de dólares en ventas trimestrales y aportó una contribución positiva al flujo de caja operativo. Su combinación de ventas de mayor margen también respaldó la mejora del margen bruto subyacente, aunque sus necesidades publicitarias aumentaron los gastos de SG&A.

Las ventas en Europa aumentaron un 7% en moneda local, impulsadas por las herramientas de corte y afilado, los productos Westcott y los primeros auxilios. Las ventas en Canadá subieron un 12% en moneda local, principalmente por los productos de primeros auxilios.

La planta de Spill Magic en Mt. Pleasant, Tennessee, está completamente operativa tras la instalación de equipos automatizados de producción y llenado. La dirección afirmó que la capacidad adicional contribuyó a un crecimiento de aproximadamente el 34% para la línea de productos en 2026.

Acme United presentó su kit de primeros auxilios SmartCompliance más reciente en septiembre. El producto integra tecnología RFID para generar pedidos de recarga automáticos, y la dirección prevé comenzar los envíos en enero de 2027.

Perspectivas de la dirección

La dirección prevé que el cuarto trimestre de 2026 sea estacionalmente fuerte tanto en ventas como en beneficios, con la contribución inicial de nuevos negocios de distribución minorista e industrial. La empresa ya ha reservado nuevo negocio de primeros auxilios para 2027 y sigue observando solidez en las herramientas de corte.

El cierre de la planta DMT de Marlboro está programado para el cuarto trimestre de 2026. La dirección prevé que la medida genere un ahorro anual de más de 1,0 millones de dólares a partir de enero de 2027.

Acme United sigue evaluando adquisiciones junto con el crecimiento orgánico. La dirección indicó que prevé que podría realizarse otra transacción en los próximos 12 meses, pero enfatizó que se mantiene selectiva. Los primeros auxilios, que representan alrededor del 70% del negocio, se identificaron como la oportunidad que ofrece mayor crecimiento orgánico y consolidación a largo plazo.

Riesgos y factores a vigilar

La dirección citó la persistente inflación, los elevados tipos de interés, los aranceles, las perturbaciones en la cadena de suministro y el aumento de los costes de flete como principales incertidumbres. Los costes de flete desde China se han triplicado, según la empresa, mientras que las perturbaciones geopolíticas han contribuido a la escasez de productos y a mayores necesidades de inventario.

Acme United incrementó deliberadamente el inventario en aproximadamente entre 8 y 10 millones de dólares para proteger la disponibilidad de los productos más vendidos. La dirección prevé que parte del inventario vuelva a convertirse en efectivo durante 2027, pero mantiene la cautela debido a que las condiciones geopolíticas podrían empeorar. El tipo de endeudamiento marginal de la empresa se sitúa en torno al 6%.

La dirección también destacó la presión sobre la renta disponible de los consumidores derivada de los costes de la energía, la gasolina, los tipos de interés y las hipotecas. Esto podría afectar a la demanda de Westcott, más sensible al comercio minorista, aunque la empresa prevé actualmente un entorno promocional más normalizado en 2027 si las condiciones arancelarias se mantienen estables.

Puntos destacados de las preguntas y respuestas de analistas

• Devolución de aranceles: Acme United calculó su reclamación utilizando facturas aduaneras históricas y pagos en los que figuraba como importador registrado. De los 6,0 millones de dólares recibidos, 4,0 millones se reconocieron en el tercer trimestre, mientras que 2,0 millones se mantuvieron como pasivo acumulado.
• Cierre de la planta de DMT: La dirección señaló que la pequeña planta de Marlboro carecía de suficiente escala y capacidad. Gran parte de su producción ya se había trasladado a China debido a los menores costes de fabricación y utillaje. La empresa contrastó esto con su inversión en la planta de Spill Magic en Tennessee, más grande y automatizada.
• Estrategia de crecimiento: Acme United planea combinar la expansión orgánica con adquisiciones selectivas. La dirección considera los primeros auxilios como la oportunidad más importante a largo plazo, pero sigue abierta a transacciones en productos de corte y afilado.
• Capital de trabajo: El aumento de las cuentas por cobrar reflejó en gran medida el incremento de ventas del 18%. El elevado nivel de inventario fue una respuesta deliberada a los riesgos geopolíticos y de la cadena de suministro, teniendo la dirección como objetivo una posible conversión en efectivo durante 2027.
• Demanda de la campaña de vuelta al colegio: Westcott se benefició de la normalización de las promociones tras las perturbaciones relacionadas con los aranceles en 2025, de comparaciones más sencillas y de la innovación en productos. La dirección prevé que la actividad promocional se mantenga en niveles normales el próximo año si el entorno arancelario es estable.

Transcripción completa de la llamada de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Good day, and welcome to the Acme United Third Quarter 2021 Financial Results Conference Call. At this time, I would like to turn the call over to Walter Johnsen Chairman and CEO. Please go ahead, sir.

Walter Johnsen

Good morning. Welcome to the third quarter 2026 earnings conference call for Acme United Corporation. I'm Walter C. Johnsen, Chairman and CEO. With me is Paul Driscoll, our Chief Financial Officer, who will first read a safe harbor statement. Paul?

Paul Driscoll

Forward-looking statements in this conference call, including, without limitation, statements related to the company's plans, strategy objectives, expectations, intentions and adequacy of capital and other resources are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, among others, those arising as a result of the challenging global macroeconomic environment characterized by continued high inflation, high interest rates and the imposition of new tariffs or changes in existing tariff rates.

In addition, we have experienced supply chain disruptions, and we may experience these disruptions in the future. We are also subject to additional risks and uncertainties as described in our periodic filings with the Securities and Exchange Commission and in our current earnings release.

Walter Johnsen

Thank you, Paul. Acme United had an excellent third quarter of 2026. Net sales were $58 million compared to $49.1 million in the third quarter of 2025 an increase of 18%. Net income was $3.4 million compared to $1.9 million in 2025, an increase of 80%. Earnings per share were $0.80 compared to $0.46, an increase of 74%.

We received a tariff refund of $6 million, of which $4 million was brought into income offset by reserves for closure of our small DMT facility and variable compensation. The net impact was $1.2 million in pretax income and approximately $1 million in after-tax income. Excluding the $1 million net income -- I'm sorry, excluding the $1 million, net income was $2.4 million compared to $1.9 million, an increase of 24% and earnings per share were $0.55 compared to $0.46, an increase of 20%.

Our net sales in the United States increased 20% with strong sales in both the first aid and Westcott cutting tool segments. Our back-to-school sales were excellent, reflecting new promotional activity and strong sell-through in the mass market channel. The mimetic acquisition performed as planned with net sales of $4 million in the quarter. The operating cash flow contribution was positive.

The fourth quarter is expected to be seasonally strong in both sales and earnings. Our new business efforts in retail and industrial distribution are beginning to generate additional sales and we are building the momentum for 2027. The company introduced the latest SmartCompliance first aid kit in September at the National Safety Conference. This product includes integrated RFID technology and generates automatic replenishment orders for refills.

Customer feedback has been encouraging, and we plan to begin shipping in January 2027. At the beginning of 2026, we reviewed our sites, their potential for expansion and where to allocate capital. We concluded that our DMT plant in Malbor, Massachusetts did not have sufficient scale or capacity to be a long-term asset. Most of our production of DMT sharpeners had been outsourced to China in previous years and production at the Marlboro site was not cost effective.

We will close the plant during the fourth quarter and have reserved $1 million. Savings are expected to be over $1 million annually beginning in January 2027. The Spill Magic plant in Mt. Pleasant, Tennessee that we opened in March 2026, is now fully operational. It provides increased capacity that has resulted in growth of approximately 34% this year. We also installed highly automated production and filling equipment.

It took about 6 months to complete the installation, and we now have a very efficient plant that we believe is poised for future growth. Our international businesses performed well in the third quarter. In Europe, net sales increased 7% in local currency, with strong earnings Sales in Canada grew 12% in local currency. And we are projecting a solid fourth quarter of 2026. As we look into 2027, we have already booked new business in first aid and are seeing continued strength in our cutting tool business.

There have been increases in shipping costs, freight expenses and inflation which we are offsetting with improved efficiency from automation and new equipment. We've had strong cash generation in 2026, and our liquidity is excellent. We continue to review new acquisition opportunities. I will now turn the call to Paul.

Paul Driscoll

Acme's net sales for the third quarter were $58 million compared to $49.1 million in 2025, an increase of 18%. Excluding mimetic, sales increased 10%. Sales for the 9 months ended September 30, 2026, were $173 million compared to $149 million in the same period in 2025, an increase of 16%. Excluding Mimanic, sales increased 8%.

Net sales in the U.S. segment increased 20% in the quarter, excluding MiMedx sales increased 10%. Sales increased 17% for the 9 months ended embed excluding MiMedx sales increased 7%. The increases for both periods were driven by higher sales across all product lines. Net sales in local currency in Europe increased 7% and in the third quarter and 15% for the 9 months of 2026. The increases for both periods were partly due to the new line of cutting and sharpening tools, also Westcott and First aid had solid performances.

Net sales in low currency for Canada increased 12% in the quarter and 8% for the year-to-date, mainly due to higher sales of first aid products. We received $6 million in EPA tariff refunds and in the third quarter of 2026, recognized $4 million of the refund as a reduction of cost of goods sold. The remaining $2 million was recorded as an accrued liability in the balance sheet.

In the third quarter, we also recorded $1 million of variable compensation expense related to the refund included in SG&A. Additionally, in the third quarter of 2026, Cost of goods sold included $1.8 million of costs accrued related to closing our DMP sharpie facility. Net income for the 3 and 9 months ended September 30, also benefited from approximately $400,000 of tax benefits resulting from stock option exercises.

The gross margin was 45.3% in the third quarter of 2026 compared to 39.1% in 2025. The gross margins for the third quarter included the benefit of approximately 690 basis points from a tariff refund, partially offset by approximately 310 basis points related to the DMT closure costs. The gross margin was 42.6% for the first 9 months of 2026 compared to 39.8% in 2025. Gross margin for the first 9 months of 2026 included a benefit of approximately 230 basis points from the tariff refund partially offset by approximately 105 basis points related to the DMT closure costs.

Excluding the impact from tariff refunds and the DMT closure, the gross margin as a percentage of sales increase for both periods was mostly due to the favorable mix from higher margin direct-to-consumer MiMedx products. SG&A expenses for the third quarter of 2020 were $21.8 million of sales compared with $16.2 million or 32% of the sales for the same period of 2025.

SG&A for the first 9 months of 2026 were $60.7 million or 35% of sales compared with $47.5 million or 32% of sales in 2025. The higher SG&A was primarily due to the addition of the MiMedx business, the higher percentage of sales was due to the higher amount of advertising needed for the direct-to-consumer mimetic business.

The third quarter also included $1 million of variable compensation related to the tariff refund. Net income for the third quarter of 2026 was $3.4 million or $0.80 per diluted share compared to net income of $1.9 million or $0.46 per diluted share in 2025, an increase of 80% of net income and 74% in earnings per share. Net income for the first 9 months of 2026 was $9.5 million or $2.29 per diluted share compared to $8.3 million or $2.03 per diluted share in the comparable period last year, increases of 14% and 13%.

And now to the balance sheet, net debt increased from $23.1 million at September 30, 2025 to $29.7 million at September 30, 2026. During the 12-month period ended September 30, we paid $14.5 million for the acquisition of the assets of MiMedx distributed approximately $2.4 million in dividends and purchased the cutting and sharpening line of products in Germany for $1.6 million.

Additionally, we generated approximately $31 million in free cash flow, including $4 million in tariff refunds.

Walter Johnsen

Thank you, Paul. I'll now open the call to questions.

Operator

[Operator Instructions] We'll now be conducting a question-and-answer session. [Operator Instructions] Our first question is from Jim Marrone with Singular Research.

Preguntas y respuestas

Jim Marrone

I have multiple questions. All related with one another. And then I'll begin with just with regards to the tariff refund. If you could kind of just share some insight on how it goes about being calculated, I would greatly appreciate it. with that. And to go along with the tariff refund, I'm just trying to get a sense of your rationale for the decisions on closing the Marlboro plant.

And transferring that operation overseas. This seems like the U.S. segment has outperformed both Canada and Europe. And it kind of goes against the grain with what Other companies are doing by reinvesting in the U.S. in light of the tariffs. And so it just seems kind of against the grain of what the -- what other companies are doing. So I look forward to hearing your answers to that.

Walter Johnsen

Okay, Jim. Those are good questions, and we appreciate them. The first is the tariff refund. How is it calculated? Well, the tariffs that we paid, we went back because we were the importer of record, we went back to invoices and payments through customs. And you total all those up, and you come up with a number and then you submit it to the EPA refunds and then it happens.

The difficulty in that, of course, is that you've got to get your books really ordered if you got to figure it out. And there's a lot of variables. But in simple terms, you count up the amount that you paid. Now the rationale for closing Marlboro, that was a very difficult decision. It was the place where DMT started. It was -- it had modern equipment -- but honestly, although there's a lot of push to buy American and we support that, when the price of a product is just more expensive by a lot than in China to produce.

Sometimes the economics just drive you to do that. This was a small facility, and it had less than 20 people. And the bulk of the production had already been shifted to China because the customers were demanding, for example, our new electronic pencil sharpeners, electronic sharpeners for tools. And it was getting good reception in the market as Chinese made. Other items that required expensive tooling in the United States could be done more cost effectively in China. So we produced it there.

The net is it was a small plant. And when you look at where you're going to put your resources you put them where you have big value, not little. And so we closed it. Now having said that, the rationale for production in the United States is a good one. As you may recall, we bought a plant in not Pleasant Tennessee to produce our Spill Magic production. There was a 12-acre facility, 78,000 square feet room to double modern air conditions.

We bought it at a very, very good price of $6 million. We invested about $1.5 million in equipment brought that to be fully automated and went live this quarter. And incidentally, the DMT of the Spill Magic product line increased 34% year-to-date because we get out of the capacity to make it, and we have the capacity to grow. So when you compare 2 plants, you see why one was struggling. It made sense to use the best resources you can in China. The other is reinvest in the U.S. where you had real leverage, and that's what we did.

Jim Marrone

Yes, that's very good insight. And so speaking of growth, where is the focus going forward then? Is it going to continue to be organic growth? Or Will there be a little more focus on acquisitions like you have in the past? So where do you see your attention?

Walter Johnsen

Well, it's a combination. We've looked at a lot of deals this year, and we're continuing to evaluate them. You want them to be strategic. You want them to make a difference and you want them to have a high likelihood of being successful. And so being a little choosy and taking some time makes sense. In the meantime, we are building that balance sheet. And that means we're not highly levering our company.

The organic growth has been good. We're looking forward to, as I mentioned in the call, a solid fourth quarter, and we're already booking business for 2027. So it's really a combination of both. And I would expect sometime in the next 12 months, there'll probably be another deal because every year, we wind up doing at least 1 but we're being careful.

Jim Marrone

And okay, if you're looking at growth and whether it's a deal or organically, is that more on the first aid side or on the cutting tools side? Where you tinker your focus will be?

Walter Johnsen

Well, both segments are very important to us. And if there's a good deal in the Westcott side, of course, we'll buy it. And in the case of our German business last year, we bought a direct-to-consumer business in the sharpening and cutting area. And we'll continue to look at those for sure. The First Aid business lends itself to consolidation. We are the consolidator, -- and we're the natural buyer for many of our competitors and some of those that are half step away.

And I would expect that there will be other opportunities in that segment. And -- if you look long term, I think the First Aid business has greater organic growth opportunities. And I think that given that it's 70% of our business, chances are it will continue to become increasingly important in the overall company.

Jim Marrone

Excellent. And a thank you so much for that, Walter.

Operator

Our next question is from Georgy Vashchenko with Freedom Brokers.

Georgy Vashchenko

You know that the back-to-school season was strong in this quarter, clearly elaborate on performance on the West Coast brand, particularly compared with the strong growth you saw in the second quarter.

Walter Johnsen

Yes. Well, the Westcott business, we have to be a little bit careful here because last year with the tariffs, the promotional business, that is the products that would be normally added as extras to a shelf or a planogram. Old promotional business was pretty much delayed or stopped by our customers because of the uncertainty of pricing that happened in April 2025.

So the comparisons this year have the full effect of promotional activity the buyers were able to use all the tools that they have in their toolkit. The merchants were doing a really good job. And we had product that was selling through. So we had a combination of easy comparisons to be frank. But second, we really did a good job with our innovation, and it worked.

Operator

Our next question is from Tim Call with Capital Management Corporation.

Timothy Call

Congratulations on an excellent quarter.

Walter Johnsen

Thank you, Tim. .

Timothy Call

Looking at the accounts receivable, up around 20% in the last 12 months, and inventory is up around 15% over the last 12 months despite being adjusted lower -- if -- do you think you'll be able to manage those lower if they were cut by 10%, you could lower your variable rate debt by 37%.

So there's a lot of potential there. I know you've added inventory to take advantage of some smart buys -- but how do you see those balances over the next 12 months, absent acquisitions?

Paul Driscoll

The accounts receivable is a function of the sales increase. So the sales increased to 18%, and that's why the receivables are up, I think you said 20%.

Walter Johnsen

Okay. On the inventory, when the war with Iran started, as you may recall, we thought it was not going to be short term. We thought that it might cause product shortages that there might be shipping cost increases. And we thought it might be wise the product now and hold it.

And we consciously increased our inventory by about USD 8 million to USD 10 million. And it was all the items that you would have in the A and B top-selling products without any issues with obsolescence or would they sell. Of course, they would sell. These are the best items we had.

Well, in retrospect, we were smart because there have been shortages. There have been price increases. The freight costs from China have tripled. There have been times when you simply can't get product, but we have it. So it's been a very good insurance policy. On the other hand, as you point out, Tim, we're paying the top -- the marginal interest rate is about 6% for us. So there's a cost to that.

It's been -- so far, it's been a good investment. And we have the ability to work it down. I think I'm optimistic that we'll find some clarity in both Iran and the Ukraine in the next year. And I am also optimistic that we'll be able to convert some of that inventory back into cash. But we're being cautious right now because we could be wrong. It could get worse. But I think, I personally think that we will bring it into cash during 2027, as I see it now.

Timothy Call

Over the last 5 years, there have been a lot of disruptions with back-to-school seasons and you're having a great 1 this year. Do you think that seasonality in that those sales and promotions have come back to a normalized state that should continue long term?

Walter Johnsen

The Westcott business is particularly sensitive to retail. And if things stay as they are right now, which is a reasonable non-changing tariff environment, and I think the worst -- that's over. And then we would expect it would have normal promotions next year as well. And we're certainly having plenty of discussions right now about new business opportunities within the mass market. We're certainly getting our share of promotions for back to school for next year.

And so yes, I think it would be a pretty normal business. There is one caveat, and that's that -- although we haven't seen it yet or maybe we won't see it, the consumer is being stressed and heating oil, gasoline, so many products, interest rates, mortgages, all these things impact the disposable income. And there is a sensitivity to that. But I think if that stays the same, then we're looking at a very good 2027 with the Westcott business as well as for state.

Timothy Call

Great. Thank you for all your hard work. Good job.

Walter Johnsen

Thank you, Tim. Thank you for your support. .

Operator

[Operator Instructions] There are no further questions at this time. I'd like to hand the floor back over to Walter Johnsen for any closing remarks.

Walter Johnsen

If there are no further questions, this call is complete. I would truly thank you for joining us. Have a good day. Goodbye.

Operator

This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.