阿克米联合 (ACU) 2026年第三季度业绩电话会议：销售额增长18%，每股收益达到0.80美元

核心要点

• Acme United 2026 财年第三季度净销售额同比增长 18% 至 5800 万美元。扣除收购的 D2C（直接面向消费者）业务后，销售额增长 10%。
• 净利润增长 80% 至 340 万美元，稀释后每股收益（EPS）增长 74% 至 0.80 美元。扣除关税退税及相关项目带来的约 100 万美元税后净收益后，净利润增长 24% 至 240 万美元，每股收益增长 20% 至 0.55 美元。
• 受急救产品、Westcott 剪切工具以及强劲的返校季促销活动推动，美国业务部门销售额增长 20%。按按当地货币计算，欧洲和加拿大市场分别增长 7% 和 12%。
• 公司在该季度收到 600 万美元的关税退税，并将其中的 400 万美元计入营业成本（COGS）的调减。
• 管理层预计 2026 财年第四季度的销售额和盈利将迎来季节性强劲表现。公司已预订 2027 年的新急救业务，同时剪切工具的需求保持强劲。
• Acme United 将于第四季度关闭位于马萨诸塞州马尔伯勒（Marlboro）的 DMT 工厂。管理层预计自 2027 年 1 月起，每年将节省超过 100 万美元的成本。

关键财务数据

2026 财年前九个月，销售额增长 16% 至 1.73 亿美元。净利润增长 14% 至 950 万美元，稀释后每股收益增长 13% 至 2.29 美元。前九个月毛利率从 39.8% 提升至 42.6%。

截至 2026 年 9 月 30 日，净负债从一年前的 2310 万美元增加到 2970 万美元。在此期间，Acme United 支付了 1450 万美元用于收购，发放了约 240 万美元的股息，并以 160 万美元收购了德国的一个剪切与打磨产品线。公司产生了约 3100 万美元的自由现金流，其中包括 400 万美元的关税退税。

业务与经营业绩

第三季度美国业务部门销售额增长 20%，扣除收购业务后增长 10%。各产品线的增长较为广泛，急救和 Westcott 剪切工具贡献了增量。返校季销售受益于重新开启的促销活动以及强劲的大众市场动销。

收购的 D2C 业务在该季度产生了 400 万美元的销售额，并对经营现金流做出了积极贡献。其毛利率更高的销售组合也推动了基础毛利率的提升，尽管其广告需求推高了销售及管理费用（SG&A）。

按当地货币计算，欧洲市场销售额增长 7%，这得益于剪切与打磨工具、Westcott 产品和急救产品。按当地货币计算，加拿大市场销售额增长 12%，主要归因于急救产品。

位于田纳西州芒特普莱森特（Mt. Pleasant）的 Spill Magic 工厂在安装自动化生产和灌装设备后已投入全面运营。管理层表示，新增产能推动该产品线在 2026 年实现了约 34% 的增长。

Acme United 于 9 月推出了最新的 SmartCompliance 急救箱。该产品整合了 RFID 技术以自动生成补充订单，管理层计划于 2027 年 1 月开始出货。

管理层展望

管理层预计 2026 财年第四季度的销售额和盈利将迎来季节性强劲表现，新增的零售和工业分销业务开始做出贡献。公司已预订 2027 年的新急救业务，并继续看到剪切工具的强劲势头。

马尔伯勒的 DMT 工厂计划于 2026 财年第四季度关闭。管理层预计该举措将从 2027 年 1 月起每年节省超过 100 万美元。

Acme United 在推动有机增长的同时，继续评估并购机会。管理层表示，预计未来 12 个月内可能会发生另一笔交易，但强调仍将保持审慎选择。急救业务约占公司总业务的 70%，被认为能提供更大的长期有机增长和行业整合机会。

风险与关注事项

管理层指出，持续的通胀、高利率、关税、供应链中断以及运费上升是主要的不确定因素。据公司称，来自中国的运费已增长两倍，而地缘政治动荡导致了产品短缺和更高的库存需求。

Acme United 有意将库存增加了约 800 万至 1000 万美元，以保障热销产品的供应。管理层预计部分库存将在 2027 年重新转化为现金，但由于地缘政治局势可能恶化，仍保持谨慎。公司的边际借贷利率约为 6%。

管理层还强调了能源成本、汽油、利率和抵押贷款对消费者可支配收入造成的压力。这可能会影响对零售敏感的 Westcott 产品需求，不过如果关税环境保持稳定，公司目前预计 2027 年促销环境将更加正常。

分析师问答集锦

• 关税退税： Acme United 根据其作为备案进口商的历史海关发票和付款计算了申索额。在收到的 600 万美元中，400 万美元已在第三季度确认，而 200 万美元仍作为应计负债保留。
• DMT 工厂关闭： 管理层表示，马尔伯勒的小型工厂缺乏足够的规模和产能。由于制造成本和模具成本较低，其大部分生产已转移到中国。公司将其与在田纳西州规模更大、更自动化的 Spill Magic 工厂的投资进行了对比。
• 增长战略： Acme United 计划将有机扩张与选择性收购相结合。管理层将急救业务视为更大的长期机遇，但对剪切和打磨产品的并购交易持开放态度。
• 营运资金： 应收账款增加很大程度上反映了 18% 的销售额增长。高库存是对地缘政治和供应链风险的有意应对，管理层计划在 2027 年期间进行潜在的现金转化。
• 返校季需求： 在经历了 2025 年与关税相关的中断后，Westcott 得益于回归常态的促销活动、较低的同期基数以及产品创新。管理层预计，如果关税环境保持稳定，明年的促销活动将保持正常。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.