Starrett L S Co Reports Net Income of $23.1 Million for the Year Ended June 30, 2023

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.

Financial Performance

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