Benzinga | Jul 22, 2021 02:58PM EDT

Acme United Reports Mixed Q2 Results

* Acme United Corp (NYSE:ACU) reported second-quarter FY21 net revenue growth of 2% year-on-year to $44.8 million, missing the analyst consensus of $48.5 million.

* Sales in the U.S. segment decreased 4% Y/Y due to the delayed shipments.

* Net sales in Canada increased 68%, while it improved 26% in Europe.

* The gross margin was 36% for the quarter.

* Selling, general and administrative expenses rose 5.9% to $12.4 million.

* The operating margin was 8.4%, and the operating income for the quarter declined 13.5% to $3.8 million.

* Cash and equivalents amounted to $3.2 million as of June 30, 2021.

* EPS of $0.94 beat the analyst consensus of $0.93.

* "Our performance in the second quarter was impacted by interruptions in our operations as we installed a new warehouse management system at our main U.S. distribution facility in North Carolina," said CEO Walter C. Johnsen.

* Price action: ACU shares are trading higher by 0.26% at $42.71 on Thursday's last check.