Starrett reports strong quarter
Toolmaker L.S. Starrett recorded net income of $2.4 million, or 35 cents per share, in the second quarter of its 2015 fiscal year, the Athol-based company announced Thursday.
The figures compare favorably to net income of $1.8 million or 26 cents per share for the same period – October through December -- a year earlier.
Starrett said the improved performance was primarily the result of increased revenue; and improved gross margins that offset higher selling, general and administrative expenses and a higher effective tax rate.
Starrett said it experienced strong revenue gains in North America and continued gains in China for the quarter. While results in Brazil and Europe lagged the previous year, the company said its geographic and product diversity helped minimize the effects.
Net sales for the quarter, which ended Dec. 31, increased $2 million to $63.8 million from the same quarter a year earlier. The company said that was a result of “continued improvement in domestic demand” for Starrett products in the manufacturing sector “that more than offset a weakening Brazilian Real.”
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