Acme United reports Q4 EPS (17c) vs 60c last year

Reports Q4 revenue $44.104M vs $45.793M last year. Chairman and CEO Walter C. Johnsen said, "Throughout 2022, our performance was impacted by unusually high ocean shipping costs, port congestion and demurrage fees, outbound freight costs due to truck driver shortages, and high fuel costs. In addition, particularly as the year progressed, production input costs increased due to inflation, and we were impacted by higher interest rates than in prior years. In total, commencing in the first quarter of 2022, we incurred $4.0 million in exceptional supply chain expenses, of which $0.9 million was recognized in the fourth quarter. Many of the supply chain issues have subsided." Johnsen continued, "Beginning in the fall of 2022, we implemented cost savings initiatives which we expect to generate over $5.0 million in savings during 2023. These savings are due to improved efficiency in our production and warehouse facilities, reduced transportation costs, and lower spending in SG&A than in 2022. In 2023 we are continuing our program to reduce inventory which began in the fourth quarter of 2022. Our year-end inventory level decreased $2.9 million in accordance with our target for the fourth quarter of 2022. In addition, we plan to reduce inventory by $5.0 million in 2023. We intend to use the resulting increased cash flow on reducing debt and funding acquisitions."