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L.S. Starrett Co.'s Athol facility
November 9, 2021
L.S. Starrett bounces back from pandemic, prepares for supply chain issues
The L.S. Starrett Co., a global manufacturer and marketer of precision measuring tools and cutting tools based in Athol, announced it has achieved a full recovery to pre-pandemic order intake levels, according to a Friday earnings report.
The company reported $61.5 million in revenues for the quarter ending Sept. 30, which represented a 25% increase from the first quarter of fiscal 2021. A year prior, revenues for the quarter were $49.1 million.
The company’s profits for the quarter were $3.2 million, a 21.5% decrease from the same quarter a year prior, when the company reported $4.1 million in net income.
The company reported on Friday, in response to global supply chain issues, Starrett opted to increase its inventory levels. In doing so, roughly $2.9 million of the $5.8 million net cash used in operating activities went toward increasing what the company called its protective inventory.
The company’s stocks opened at $13.01 per share on Friday when the earnings report was released, closing at $12.90 on the New York Stock Exchange. That’s a major increase from Jan. 4, when the company opened at $4.27 and closed at $4.33, a 198% increase in closing prices.
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