Latest News by Industry
STARRETT L S CO [SCXLB], a leading manufacturer of precision measuring tools, announced its financial results for the year ended June 30, 2023. The company reported a net income of $23.1 million, representing a significant increase from the previous year. Starrett also achieved annual revenue of $256.2 million, reflecting a positive growth trajectory.
Starrett demonstrated strong financial performance during the year. The company recorded gross profit of $82.5 million, with a gross margin of 32.20%. Despite facing challenges in the industry, Starrett was able to effectively manage its cost of goods sold, amounting to $173.7 million. Operating income for the year stood at $18.9 million
Starrett experienced a modest increase in net sales, reaching $256.2 million for the year ended June 30, 2023, compared to $253.7 million in the previous year. The company's ability to maintain steady revenue growth demonstrates its resilience in a competitive market.
Starrett maintains a solid financial position with total assets of $192.8 million. The company's current assets, including cash and cash equivalents, accounts receivable, and inventories, amount to $122.2 million. Additionally, Starrett holds property, plant, and equipment, netting at $39.4 million.
Starrett's earnings per share showed positive growth compared to the previous year. The basic earnings per share for the year ended June 30, 2023, stood at $3.12, a noteworthy increase from $2.06 in the previous period. Diluted earnings per share also improved, reaching $3.06 compared to $2.00 in the same period.
Looking ahead, Starrett remains focused on its strategic initiatives to drive growth and deliver value to its shareholders. The company will continue to invest in research and development, enhance operational efficiency, and pursue new growth opportunities in both domestic and international markets.
Starrett L S Co achieved strong financial results for the year ended June 30, 2023, reporting significant growth in net income and revenue. With a solid financial position and a positive outlook, the company is well-positioned to excel in the precision measuring tools industry.