Acme United (ACU) 2026 年第三季財報電話會議：銷售額成長 18%，每股盈餘達 0.80 美元

重點摘要

• Acme United 2026 年第三季淨銷售額年增 18% 至 5,800 萬美元。若扣除新收購的直營電商業務，銷售額則成長 10%。
• 淨利成長 80% 至 340 萬美元，稀釋後每股盈餘 (EPS) 成長 74% 至 0.80 美元。若扣除來自關稅退款及相關項目的稅後淨收益約 100 萬美元，淨利成長 24% 至 240 萬美元，EPS 成長 20% 至 0.55 美元。
• 在急救用品、Westcott 剪切工具以及強勁的開學季促銷帶動下，美國部門銷售額成長 20%。以當地貨幣計算，歐洲與加拿大分別成長 7% 及 12%。
• 該公司收到 600 萬美元的關稅退款，並在本季將其中 400 萬美元認列為銷貨成本的減少。
• 管理層預計 2026 年第四季銷售與盈餘將迎來季節性強勁表現。2027 年的新急救業務訂單已入帳，而剪切工具的需求持續保持強勁。
• Acme United 將於第四季關閉位於麻薩諸塞州馬爾伯勒的 DMT 廠房。管理層預計自 2027 年 1 月起，每年可節省超過 100 萬美元。

關鍵財務數據

2026 年前九個月，銷售額成長 16% 至 1.73 億美元。淨利成長 14% 至 950 萬美元，稀釋後 EPS 成長 13% 至 2.29 美元。前九個月毛利率從 39.8% 提升至 42.6%。

截至 2026 年 9 月 30 日，淨負債從前一年的 2,310 萬美元增加至 2,970 萬美元。在此期間，Acme United 支付了 1,450 萬美元用於收購，發放約 240 萬美元股利，並以 160 萬美元收購了德國的剪切與磨銳產品線。公司產生了約 3,100 萬美元的自由現金流，其中包括 400 萬美元的關稅退款。

業務與營運表現

第三季美國部門銷售額成長 20%，若扣除收購業務則成長 10%。各產品線成長普遍，其中急救用品與 Westcott 剪切工具對成長做出貢獻。開學季銷售受益於恢復促銷活動及強勁的大眾市場銷路。

新收購的直營電商業務在本季產生了 400 萬美元的銷售額，並對營運現金流做出正面貢獻。其毛利率較高的銷售組合亦支撐了基礎毛利率的改善，儘管其廣告需求增加了銷售、一般及管理費用 (SG&A)。

在剪切與磨銳工具、Westcott 產品及急救用品的支撐下，歐洲地區銷售額以當地貨幣計算成長 7%。加拿大地區銷售額以當地貨幣計算成長 12%，主要歸功於急救產品。

位於田納西州普萊森特山的 Spill Magic 廠房在安裝自動化生產與充填設備後已完全投入營運。管理層表示，新增的產能推動該產品線在 2026 年實現約 34% 的成長。

Acme United 於 9 月推出了最新的 SmartCompliance 急救箱。該產品整合了 RFID 技術，可自動生成補充訂單，管理層計劃於 2027 年 1 月開始出貨。

管理層展望

管理層預計 2026 年第四季銷售與盈餘將迎來季節性強勁表現，新增的零售與工業分銷業務開始提供貢獻。公司已預訂 2027 年的新急救業務，並持續看好剪切工具的強勁需求。

馬爾伯勒的 DMT 工廠預計將於 2026 年第四季關閉。管理層預期此舉將自 2027 年 1 月起，每年節省超過 100 萬美元。

Acme United 在追求有機成長的同時，也持續評估收購機會。管理層表示預計未來 12 個月內可能會有另一筆交易發生，但強調仍保持審慎選擇。占業務約 70% 的急救業務被認為提供更大的長期有機成長與整合機會。

風險與關注事項

管理層指出持續的通貨膨脹、高利率、關稅、供應鏈中斷及運費上漲為主要的不確定因素。據公司稱，來自中國的運費已翻了三倍，而地緣政治干擾則導致產品短缺並提高庫存需求。

Acme United 刻意增加約 800 萬至 1,000 萬美元的庫存，以確保熱銷產品的供貨穩定。管理層預計部分庫存將在 2027 年轉化回現金，但由於地緣政治局勢可能惡化，態度仍保持謹慎。公司的邊際借貸利率約為 6%。

管理層還強調了能源成本、汽油、利率和房貸對消費者可支配所得造成的壓力。這可能會影響對零售敏感的 Westcott 需求，不過若關稅環境保持穩定，公司目前預計 2027 年的促銷環境將更加常態化。

分析師問答亮點

• 關稅退款： Acme United 以其作為登記進口商的歷史海關發票與付款紀錄計算申報金額。在收到的 600 萬美元中，400 萬美元已於第三季認列，其餘 200 萬美元仍列為應計負債。
• DMT 工廠關閉： 管理層表示，規模較小的馬爾伯勒廠房缺乏足夠的規模與產能。由於製造與工裝成本較低，其大部分生產已轉移至中國。公司將此與其在田納西州投資規模更大、自動化的 Spill Magic 廠房進行了對比。
• 成長策略： Acme United 計劃將有機擴充與選擇性收購相結合。管理層認為急救業務是較大的長期機會，但仍對剪切與磨銳產品的交易持開放態度。
• 營運資金： 應收帳款增加很大程度上反映了銷售額 18% 的成長。庫存增加是針對地緣政治和供應鏈風險的刻意應對措施，管理層目標是在 2027 年期間實現潛在的現金轉化。
• 開學季需求： Westcott 受益於 2025 年關稅干擾後促銷活動恢復正常、較低的比較基期以及產品創新。管理層預期若關稅環境穩定，明年的促銷活動將保持正常。

電話會議全文紀錄

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.