L.S. Starrett, a renowned manufacturer of precision measuring tools, cutting tools, and equipment, announced a loss in its fiscal second quarter compared to the previous year. The company also experienced a decline in sales compared to the year-ago period.
Financial Performance
In the second quarter, L.S. Starrett reported a loss per share of 5 cents, with sales amounting to $62.1 million. In contrast, during the same period last year, the company achieved earnings per share of 42 cents and recorded sales of $66.7 million.
According to L.S. Starrett, the currency-neutral net sales totaled $60.7 million, indicating a decline of 9.2% compared to the second quarter of fiscal 2023.
Debt Reduction and Outlook
During the second quarter, L.S. Starrett successfully retired $5.7 million of debt. As a result, the company has reached its lowest debt level in a decade by the end of the quarter.
Douglas Starrett, President and Chief Executive Officer of L.S. Starrett, expressed optimism about the company's performance. He noted that profitable growth in high precision granite measuring products and a stabilization of demand for industrial products internationally helped offset challenges faced in North American industrial markets, particularly within the automotive sector. These challenges have impacted both industrial distribution and capital equipment demand in recent quarters.
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