アクメ・ユナイテッド（ACU）2026年第3四半期決算説明会：売上高18%増、EPSは0.80ドルに達する

主要ポイント

• Acme Unitedの2026年第3四半期の売上高は、前年同期比18%増の5,800万ドルとなりました。買収したD2C（消費者向け直接販売）事業を除いた売上高は10%増加しました。
• 純利益は80%増の340万ドルとなり、希薄化後EPSは74%増の0.80ドルとなりました。関税払い戻しおよび関連項目による税引後純効果約100万ドルを除いた調整後純利益は24%増の240万ドル、調整後EPSは20%増の0.55ドルとなりました。
• 米国セグメントの売上高は、応急手当用品、ウエストコット（Westcott）の刃物・切断ツール、および堅調な新学期商戦プロモーションに支えられ、20%増加しました。現地通貨ベースでは、欧州が7%増、カナダが12%増となりました。
• 当社は600万ドルの関税払い戻しを受領し、当四半期中にそのうち400万ドルを売上原価の控除として計上しました。
• 経営陣は、2026年第4四半期が季節的に売上および利益の繁忙期になると見込んでいます。2027年に向けた新たな応急手当用品の受注はすでに確保されており、切断ツールの需要も引き続き堅調です。
• Acme Unitedは、第4四半期中にマサチューセッツ州マールボロにあるDMT施設を閉鎖する予定です。経営陣は、2027年1月以降、年間100万ドル以上のコスト削減を見込んでいます。

主要財務データ

2026年年初からの9カ月間の売上高は16%増の1億7,300万ドルとなりました。純利益は14%増の950万ドル、希薄化後EPSは13%増の2.29ドルとなりました。9カ月間の売上総利益率は前年同期の39.8%から42.6%に改善しました。

2026年9月30日時点の純有利子負債は、前年同期の2,310万ドルから2,970万ドルに増加しました。この期間中、Acme Unitedは買収に1,450万ドルを支払い、約240万ドルの配当を実施したほか、ドイツで刃物・研磨製品ラインを160万ドルで買収しました。同社は関税払い戻し400万ドルを含め、約3,100万ドルのフリーキャッシュフローを創出しました。

事業および業績ハイライト

第3四半期の米国セグメント売上高は20%増加し、買収事業を除くと10%増となりました。成長は製品ライン全般に及び、応急手当用品とウエストコットの切断ツールが増加に寄与しました。新学期商戦の売上は、販促活動の再開と量販店での好調なセルスルーの恩恵を受けました。

買収したD2C事業は当四半期に400万ドルの売上高を上げ、営業キャッシュフローのプラス成長に貢献しました。広告費の発生により販売管理費は増加したものの、粗利益率の高い売上構成が実質的な売上総利益率の改善を支えました。

欧州の売上高は、切断・研磨ツール、ウエストコット製品、および応急手当用品に支えられ、現地通貨ベースで7%増加しました。カナダの売上高は、主に応急手当用品が牽引し、現地通貨ベースで12%増加しました。

テネシー州マウント・プレザントにあるSpill Magicの工場は、自動生産・充填設備導入を経て本格稼働を開始しました。経営陣によると、この増産能力が寄与し、同製品ラインの2026年における約34%の成長につながりました。

Acme Unitedは9月に最新のSmartCompliance救急セットを発表しました。この製品はRFID技術を統合して自動で補充注文を行う仕組みを備えており、経営陣は2027年1月に出荷を開始する予定です。

経営見通し

経営陣は、2026年第4四半期について、小売および産業用流通での追加受注が貢献し始めるため、売上高・利益ともに季節的な繁忙期になると予想しています。同社は2027年に向けた新たな応急手当用品の受注をすでに獲得しており、切断ツールも引き続き好調を維持しています。

マールボロにあるDMT工場は2026年第4四半期中に閉鎖される予定です。経営陣は、この措置により2027年1月以降、年間100万ドル以上のコスト削減が見込まれるとしています。

Acme Unitedは、自律的成長とともにM&Aの検討を続けています。経営陣は今後12カ月以内に新たな案件が実現する可能性があると述べていますが、厳選する姿勢を強調しました。事業の約70%を占める応急手当用品領域は、より大きな長期的自律成長と市場統合の機会をもたらす分野として位置付けられています。

リスクおよび注視事項

経営陣は、持続的なインフレ、高金利、関税、サプライチェーンの混乱、および運賃上昇を主要な不確実性として挙げました。同社によると中国からの運賃は3倍に跳ね上がっており、地政学的混乱が製品不足や必要在庫の増大をもたらしているとのことです。

Acme Unitedは売れ筋商品の在庫を確保するため、意図的に在庫を約800万〜1,000万ドル増やしました。経営陣は2027年中に一部の在庫が再び現金化されると見込んでいますが、地政学的状況が悪化する可能性に鑑み慎重な姿勢を崩していません。同社の限界借り入れ金利は約6%です。

経営陣はまた、エネルギーコスト、ガソリン価格、金利、住宅ローンによる消費者の可処分所得への圧迫を指摘しました。これは小売動向に影響を受けやすいウエストコット製品の需要に影響を与える可能性がありますが、関税環境が安定していれば、2027年には販促環境がより正常化すると同社は現時点で予想しています。

アナリスト質疑応答の要点

• 関税の払い戻し： Acme Unitedは、自社が記録上の輸入者であった過去の通関請求書と支払実績に基づいて払い戻し額を算出しました。受領した600万ドルのうち、400万ドルが第3四半期に計上され、200万ドルが未払負債として残されています。
• DMT工場の閉鎖： 経営陣は、マールボロの小規模な施設には十分なスケールと生産能力が不足していたと説明しました。製造コストや金型コストが低いため、生産の大部分はすでに中国に移管されていました。同社はこれを、テネシー州にあるより大きく自動化されたSpill Magic施設への投資と対比させています。
• 成長戦略： Acme Unitedは、自律的拡大と厳選した買収を組み合わせる計画です。経営陣は応急手当用品をより大きな長期的機会と捉えていますが、切断・研磨製品における買収機会にもオープンな姿勢を維持しています。
• 運転資本： 売上債権の増加は主に18%の売上増を反映したものです。高水準の在庫は地政学リスクおよびサプライチェーン・リスクに対する意図的な対応であり、経営陣は2027年中の現金化を目指しています。
• 新学期需要： ウエストコットは、2025年の関税関連の混乱を経たプロモーションの正常化、前年同期のハードルの低さ、および製品革新の恩恵を受けました。関税環境が安定していれば、経営陣は来年もプロモーション活動が正常に推移すると予想しています。

決算説明会全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

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.

質疑応答

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.