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    Jim Marrone • Singular Research

    Jim Marrone is an Equity Research Analyst at Singular Research, specializing in North American small-cap equities across multiple sectors with over a decade of analytical experience. He covers a diverse portfolio of companies and delivers investment reports that leverage rigorous valuation models combining both qualitative and quantitative analysis. Marrone began his finance career after earning a B.Sc. in Geology and an MBA, previously serving as an analyst at Accountability Research Corp. and as a faculty member at a leading European business university in Dubai before joining Singular Research. He holds the Chartered Financial Analyst (CFA) charter, the Advanced Financial Modelling (AFM) designation, and is an active CFA instructor for Fitch Learning.

    Jim Marrone's questions to Acme United Corp (ACU) leadership

    Jim Marrone's questions to Acme United Corp (ACU) leadership • Q2 2025

    Question

    Inquired about forward-looking guidance for Q3/Q4 revenue and earnings, the performance of competitors, and the safety of the company's dividend.

    Answer

    The company expects sales growth in Q3 and Q4 as delayed orders are fulfilled, but will not provide specific quantitative guidance. They believe they outperformed at least one competitor who had a 'disastrous quarter'. The dividend is considered very safe and likely to continue, supported by record free cash flow and significant debt reduction.

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    Jim Marrone's questions to Acme United Corp (ACU) leadership • Q2 2025

    Question

    Jim Marrone inquired about Acme United's forward-looking guidance for the third and fourth quarters, asking for quantitative projections on revenue and earnings following the tariff-related disruptions. He also asked about the competitive landscape and the security of the company's dividend.

    Answer

    Chairman & CEO Walter Johnsen explained that while some delayed Q2 programs may shift to Q3 and Q4, leading to expected sales growth, the company does not provide quantitative guidance due to demand uncertainty. He affirmed the dividend's stability, citing a recent increase, record free cash flow of $12 million over the past year, and a significant reduction in debt. Johnsen also noted that one competitor had a 'disastrous quarter,' suggesting Acme managed the challenges more effectively.

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    Jim Marrone's questions to Acme United Corp (ACU) leadership • Q1 2025

    Question

    Jim Marrone of Singular Research inquired about Acme United's acquisition strategy, specifically whether the focus would be geographic or product-based, and what valuation multiples the company anticipates. He also asked about the impact of tariff uncertainty on both the supply and sales sides, potential recessionary headwinds, and the company's efforts to find alternative sourcing locations to China.

    Answer

    Executive Walter Johnsen explained that acquisitions could target either the cutting tool or first aid businesses, focusing on North America. He highlighted that current tariff pressures on competitors could create opportunities. Johnsen stated they pay fair prices rather than seeking bargains, with valuation depending on the value they add. Regarding tariffs, he described the significant uncertainty with Chinese tariffs, causing the company and its customers to postpone deliveries. He confirmed they are leveraging their 8 U.S. plants and shifting production to countries like Thailand and India, though these shifts take time.

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    Jim Marrone's questions to Acme United Corp (ACU) leadership • Q4 2024

    Question

    Jim Marrone asked for more detail on Acme United's preparedness for upcoming tariffs, questioning how the company would manage cross-border trade and where the largest financial impact from tariffs would likely occur, on input costs or sales prices.

    Answer

    Walter Johnsen, an executive, detailed the company's eight-year strategy of diversifying its supply chain to the U.S., Canada, Egypt, Thailand, and the Philippines. He explained that subsidiaries in Canada and Europe operate as self-contained units, minimizing cross-border tariff risks. Johnsen outlined a multi-faceted approach to absorb costs, including supplier negotiations, productivity savings, standard inflationary price increases, and leveraging their market-leading brand for pricing power. He concluded that the impact is dynamic but the company aims for margin neutrality.

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