Starrett revenue up 3%; profits higher
A recovery in manufacturing and an improved U.S. economy helped feed a 3-percent jump in sales for Athol-based tool manufacturer L.S. Starrett in the quarter that ended Dec. 31, the company announced in its quarterly filing with the U.S. Securities and Exchange Commission (SEC).
Starrett reported net sales of $61.8 million for the quarter, the second of its 2014 fiscal year. That number was 3 percent better than the $59.8 million in the second quarter of its 2013 fiscal cycle. For the first half of the current fiscal year, net sales are up 2.1 percent to $119.3 million, the company reported.
Starrett said improved U.S. demand for capital equipment also helped boost top-line numbers. North American sales increased $2.2 million, or 7 percent, from $29.4 million in fiscal 2013 to $31.6 million as a recovery in manufacturing resulted in increased demand for precision hand tools and capital equipment metrology products, the report to the SEC said. Meanwhile, international sales declined a modest $200,000 from $30.4 million in fiscal 2013 to $30.2 million in fiscal 2014.
The company reported much stronger net income for the quarter, from $476,000 in the second quarter of fiscal 2013 to $1.78 million (26 cents per share), more than threefold. For the first half of fiscal 2014, net income is up nearly 16-fold, from $125,000 to nearly $2 million (29 cents per share).
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