L.S. Starrett profits dropped 4.2% in fiscal 2022, as sales rise
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L.S. Starrett Co.'s Athol facility
Athol tool manufacturer The L.S. Starrett Co. reported $14.9 million in net income for the fiscal year ending in June 2022, down from $15.5 million in the fiscal year ending in June 2021.
The company cited inflationary pressure, labor shortages, and supply chain costs as a cause of increased operating costs, according to a Thursday press release announcing its filing with the U.S. Securities and Exchange Commission.
Despite the drop in profits, revenues increased 15.5% to $254 million, compared to fiscal 2021.
"I am pleased the company delivered another strong financial performance for fiscal 2022. Today, we are better positioned than ever to leverage our strengths." Douglas Starrett, chairman and CEO, said in the press release.
At 11 a.m. on Friday, L.S. Starrett stock cost $9.17 per share on the New York Stock Exchange, up from $7.59 at Thursday’s market open.
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