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The L.S. Starrett Company (NYSE: SCX) reported financial results for the second quarter of fiscal 2023, ending December 31, 2022.
Net sales reached $66.8 million, a 9% increase year-over-year, with North America performing strongly at 21% growth, contrasting a 5% decline in international sales, particularly in Europe, due to economic challenges and the Ukraine conflict.
Gross margin improved to 32.3%, up 140 basis points from the prior year, attributed to price increases despite ongoing inflationary pressures. Operating income rose to 8.9%, net income was $3.1 million, or $0.42 per diluted share, reflecting a 23.9% increase from last year.
SunCoke Energy, Inc. (NYSE: SXC) will announce its fourth quarter 2022 financial results and 2023 guidance on February 2, 2023, before the market opens. An earnings call is scheduled for 11:00 am ET on the same day, allowing investors and analysts to participate. SunCoke supplies high-quality coke used in steel production and has facilities in Illinois, Indiana, Ohio, Virginia, and Brazil. The company operates under long-term contracts, ensuring stable revenue. Additionally, it provides logistics services with significant capacity for material handling.
The L.S. Starrett Company (NYSE: SCX) reported its financial results for Q1 fiscal 2023, highlighting net sales of $60.5 million, a nearly 2% decline year-over-year, while currency-neutral sales remained flat at $61.4 million. The company faced soft international orders due to economic uncertainties, particularly in Europe. Gross margin improved to 33.4%, driven by price increases despite inflation. Operating income was 6.1%, down from 6.7% in the prior year. Diluted EPS was $0.27, a decrease primarily due to foreign exchange losses and increased pension expenses.
The L.S. Starrett Company (NYSE: SCX) reported a 15.5% increase in fiscal 2022 net sales, totaling $253.7 million, alongside a 30% rise in operating income to $21.6 million. Despite challenges from rising supply chain costs and labor shortages, gross margins improved to 34.5% in the latter half of the year. Fiscal 2022 diluted EPS was $2.00, compared to $2.11 in fiscal 2021. The company continues to maintain a strong backlog, signaling robust demand for precision tools and solutions, while implementing price increases to counter inflationary pressures.
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