Acme United Reports 17% Sales Increase And 49% Net Income Increase For Third Quarter Of 2020
Acme United Corporation (NYSE American: ACU) today announced that net sales for the quarter ended September 30, 2020 were $43.3 million compared to $37.0 million in the third quarter of 2019, an increase of 17%. Net sales for the nine months ended September 30, 2020 were $123.1 million, compared to $108.6 million in the same period in 2019, an increase of 13%.
Acme United’s revenues in the third quarter and nine months ended September 30, 2020 included approximately $1.2 million and $3.3 million, respectively, from the sales of First Aid Central products. The Company acquired the assets of Canadian-based First Aid Central, Inc. on January 7, 2020.
Net income was $1,579,000 or $0.46 per diluted share for the quarter ended September 30, 2020 compared to $1,059,000, or $0.30 per diluted share, for the comparable period last year, an increase of 49% in net income and 53% in diluted earnings per share. Net income for the nine months ended September 30, 2020 was $6,055,000, or $1.75 per diluted share, compared to $4,537,000, or $1.32 per diluted share, in last year’s same period, an increase of 33% in net income and diluted earnings per share.