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HTGB...Heritage Global Inc. Reports First Quarter 2024 Results
Company Reports Operating Income of $2.6 Million
Subsequent to First Quarter Company Closed an Equipment Sale and Real Estate Lease Transaction With Multi-National Pharmaceutical Company
SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HG” or “the Company”), an asset services company specializing in financial and industrial asset transactions, today reported financial results for the first quarter ended March 31, 2024.
Heritage Global Chief Executive Officer Ross Dove commented, “2024 is off to a solid start with continued profitability in the business. Our financial division is executing well and benefiting from heightened economic pressures driving increases in charged-off credit cards and non-performing loans. Our industrial division continues to see healthy levels of equipment and asset auction activity, but faced a tough comparison in the quarter given a large auction that took place in the first quarter of 2023. Importantly, subsequent to the close of the first quarter, our auction division, in conjunction with our partners, completed a highly accretive transaction involving the sale of equipment and a 10-year building lease on the recently acquired pharmaceutical plant in Fenton, Missouri.
“Looking forward, the pipeline is strong across our businesses and we look forward to continuing to drive long term organic growth and profitability. Additionally, M&A is a strategic focus as we move forward and we are seeing increased opportunities in the markets we serve,” Mr. Dove concluded.
First Quarter 2024 Highlights:
The Company achieved operating income of $2.6 million for the first quarter of 2024, as compared to operating income of $3.9 million in the first quarter of 2023.
EBITDA totaled $2.7 million in the first quarter of 2024 versus EBITDA of $4.0 million in the first quarter of 2023 and Adjusted EBITDA was $2.9 million compared to $4.2 million in the prior-year quarter.
Net income totaled $1.8 million or $0.05 of diluted earnings per share for the first quarter of 2024, as compared to net income of $2.8 million or $0.08 of diluted earnings per share in the prior-year quarter.
The Company strengthened its balance sheet by increasing stockholders’ equity to $63.0 million as of March 31, 2024, compared to $61.1 million as of December 31, 2023, and increased net working capital to $15.0 million at the end of the first quarter of 2024, compared to $11.6 million at the end of the fourth quarter of 2023. The Company’s available and unused balance on its credit facility remains at $10.0 million as of March 31, 2024. The strengthened balance sheet and liquidity positions the Company well to pursue its M&A strategy.
As of March 31, 2024, the Company held a gross balance of investments in notes receivable of $37.3 million, recorded in both notes receivable and equity method investments.
First Quarter Conference Call
Management will host a webcast and conference call on Thursday, May 9, 2024, at 5:00 p.m. ET to discuss financial results for the first quarter of 2024. Analysts and investors may participate via conference call, using the following dial-in information:
1-800-830-9649 (Domestic)
1-213-992-4624 (International)
To access the webcast, individuals can use this link. The conference call will also be available in the Investor Relations section of the Company’s website. To listen to a live broadcast, go to the site or click on the webcast link at least 10 minutes prior to the scheduled start time in order to register.
Replay
A replay of the call will be available on the Company’s website approximately three hours after the call ends through May 23, 2024. To access the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The replay pin number is 11155834. The replay can also be accessed on the Investor Relations section of the Company’s website.
About Heritage Global Inc. (“HG”)
Heritage Global Inc. (NASDAQ: HGBL) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets.
https://ih.advfn.com/stock-market/NASDAQ/heritage-global-HGBL/stock-news/93818001/heritage-global-inc-reports-first-quarter-2024-re
SSKMP Trades
Sell 500 Shares of NOMD
Note that this is a fictional portfolio and is not a recommendation to buy or sell securities
BKTI - It looked good to me. I added some today. They reiterated their guidance for $1.50 eps for the year. I missed the conference call this morning. I'm not sure why the recent price drop, but these stocks do what they want when they want.
How'd the BKTI report look to ya? Q1 seemed pretty solid to me. They should be set up for a great looking Q2 comp. Backlog was up sequentially from $16M to $19M. Talked about higher margins & lower expenses on the way. Q2 & Q3 are seasonally stronger too. In the meantime, prob a good one to buy at $13 & under...and sell up near $15. The lack of topline growth and a boring sector (we sell radios!) might keep a lid on it.
https://finance.yahoo.com/news/bk-technologies-announces-first-quarter-110000224.html
RIOT -.12 to 10.23, I opened a small trading position in this bitcoin miner today. Q1 EPS was $0.82 thanks to a big mark to market gain in their bitcoin holdings. Obviously they'll see big fluctuations in quarterly earnings/losses as bitcoin prices move up and down. It's a volatile stock with very high weekly option premiums, so primarily I'm interested in capturing the premiums by writing covered calls and naked puts. The 52wk high is $20.65 and the chart shows technical support at around $10.
https://finance.yahoo.com/news/riot-platforms-reports-first-quarter-120000538.html
IMMR- Covered short @ $8.13 !
Made $.01
CSPI...DAMN! I missed the webinar this morning...Did anyone listen to it?? I was registered and signed in to listen in, but got sidetracked and missed the presentation.😣
HGBL...Reports after the close. This one has been holding at what looks to be good support near a 52wk low, which has dgiven me time to build a decent position (avg cost approx $2.50 a share).
Not expecting a blowout Q, although it should be decent.
Looking @ HGBL as a good long term hold that diversifies a bit of my portfolio into another sector.
Here's more info on the company Heritage Global Inc. (HGBL)...
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174281057
NOMD
I decided to sell at $19.05. I thought q1 was somewhat disappointing didn't like that they seemed to be pushing volume growth to the 2nd half, felt originally it would be here by q2. They definetely could hit there numbers, but with a .37 euro number versus .46 last year, it is gonna take about .08-.09 a quarter more than they earned last year to hit the numbers. They could do it, but now I'm not as confident, so I decided to take profits will possibly buyback if it falls back. But as of right now I will take my profits. All is just my opinion, and I could always be wrong though.
Whoa brave on IMMR! They're sitting on a ton of cash and just reported huge top & bottom line increases for Q1. Lots of 1-time gains sure. And it's got the Singer stink. I wouldn't buy over $8, but I wouldn't short either. Never know what those crazy momo traders will do...
BMBL anyone? Healthy Q1 earnings improvement. Not a crazy low P/E and the balance sheet is rough...but the stock is not far from its 52-week low. Traded up over $12 just this morning. Looks interesting in the $10's
https://finance.yahoo.com/news/bumble-inc-announces-first-quarter-200500817.html
IMMR- shorted @ $8.14
Just for a day trade. Incredible that that stock is up at all today !
...I guess you could say the stock is Back in (the) Black?
ACDC...+15% today...Back over $8. Nice turnaround.
Yep IMMR looking good after a slow start. Despite an underwhelming earnings report considering all the money they got from Meta & Nintendo during the quarter. They didn't buy back a single share of stock in Q1 either. And the stock is still getting a nice 9% pop today. Why I posted several times on this board that I thought IMMR was an attractive hold into the Q1 report. And why I've been accumulating in the low $7's for weeks. I'm happy to take my profits. Easy money has been made imo, but maybe it runs higher. Hope it works out!
IMMR - I also thought the numbers resembled scrambled eggs, and sold all my shares. The problem with stocks like this, and even moreso DBGI, is they set themselves up for that dreaded SEC investigation...and at that time it won't matter if they can prove legit, longterm, their pps WILL collapse in the immediate shortterm.
IMMR is over $8.
VNDA 5.06 - filed Q1 yesterday afternoon with following CC and the pps actually dipped? With this dip, VNDA is now my largest position in quite a while.
From the CC:
Mihael Polymeropoulos
...We expect several significant milestones in the coming months, including the launch of Fanapt in bipolar I disorder, the launch of PONVORY in multiple sclerosis, the potential approval of tradipitant in gastroparesis, the Phase III results of tradipitant in motion sickness, the upcoming NDA filings of milsaperidone in psychiatric disorders and tradipitant motion sickness and the initiation of clinical programs in depression, psoriasis, ulcerative colitis and pediatric insomnia.
We are confident that our robust revenue, strong cash position and efficient operations position us well for significant growth and value creation in the years to come...
https://capedge.com/transcript/1347178/2024Q1/VNDA
HIMX - Reported earnings this morning. Sounds like things have bottomed and are turning around. Tucked some away into the IRA. Pays a decent dividend, also. This from the earnings PR this morning:
IART has become my largest holding
Unreal, but the bottom line is, mistrust of management over the way they've handled the Boston Factory, has caused a sell of 70% in the stock. This, despite the fact that the company just made an acquisition that's doing well, and overall their eps guidance is as high as it was in 2021, when the stock was $76. I don't recall ever seeing a stock sell off this bad strictly from investor disappointment with management, regardless of overall revenues or earnings. I personally think this sell off has been waaaay overdone, and I'm glad to be in now at around $26 average in Wadegarret. I believe the analysts that just downgraded are late to the game.
ACDC ($7.09)...EPS beats big, Sales miss by a hair... ProFrac Holding Corp. Reports First Quarter 2024
Financial and Operational Results
WILLOW PARK, TX – May 9, 2024 – ProFrac Holding Corp. (NASDAQ: ACDC) (“ProFrac”, or the “Company”) today announced financial and operational results for its first quarter ended March 31, 2024.
First Quarter 2024 Results
·- Total revenue grew approximately 19% sequentially to $581.5 million over the fourth quarter revenue of 2023
·- Net income was $3.0 million compared to a net loss of $96.5 million in the fourth quarter of 2023
·- Adjusted EBITDA(1) grew approximately 46% sequentially over the fourth quarter to $159.7 million
·- Net cash provided by operating activities grew approximately 85% sequentially over the fourth quarter to $79.1 million
- Capital expenditures totaled $59.9 million
·- Free cash flow(2) grew 102% sequentially to $25.8 million
Matt Wilks, ProFrac’s Executive Chairman, stated, “We are very pleased with our first quarter results, which demonstrate meaningful progress on the strategic initiatives we began emphasizing in the back half of 2023. ProFrac’s greater scale, utilization and efficiencies are demonstrated by lower costs and higher profitability. As we outlined on our previous earnings call and as shown by these results, we deployed a substantial number of fleets in a disciplined manner during the first quarter.”
Outlook
In the Stimulation Services segment, the Company anticipates pricing to remain steady. Because of our superior cost structure and operating leverage, we continue to see opportunities to further improve profitability per fleet.
In the Proppant Production segment, volumes and profitability are expected to improve as we see third party volumes expand alongside our stimulation services segment volumes.
Business Segment Information
The Stimulation Services segment generated revenues of $517.3 million in the first quarter of 2024, which resulted in $125.0 million of Adjusted EBITDA.
The Proppant Production segment generated revenues of $77.7 million in the first quarter of 2024, which resulted in $28.4 million of Adjusted EBITDA. Approximately 31% of the Proppant Production segment’s revenue was intercompany.
The Manufacturing segment generated revenues of $43.5 million in the first quarter of 2024, which resulted in $4.4 million of Adjusted EBITDA. Approximately 78% of the Manufacturing segment’s revenue was intercompany.
Our Other Business Activities generated revenues of $41.7 million in the first quarter of 2024, which resulted in $3.6 million of Adjusted EBITDA. The Other Business Activities solely relate to the results of Flotek.
Capital Expenditures and Capital Allocation
Cash capital expenditures totaled $59.9 million in the first quarter, an increase sequentially, due to fleet deployments during the quarter and other growth-related initiatives including fleet upgrades and mine optimization.
For the full year 2024, the Company still expects to incur maintenance-related capital expenditures of between $150 million and $200 million. Growth-related capital expenditures across all segments are expected to remain approximately $100 million in 2024, as the Company continues to monitor market conditions, industry dynamics and customer demand to appropriately align spending levels and growth initiative timelines. Currently, growth capital expenditures for 2024 are expected to be primarily related to mine improvements and frac fleet upgrades.
Balance Sheet and Liquidity
Total net debt outstanding as of March 31, 2024 was $1.06 billion, a decrease of approximately $26 million from the fourth quarter.
Total cash and cash equivalents as of March 31, 2024 was $28.3 million, of which $5.2 million was related to Flotek and not accessible by the Company.
As of March 31, 2024 the Company had $166.9 million of liquidity, including approximately $23.1 million in cash and cash equivalents, excluding Flotek, and $143.8 million of availability under its asset-based credit facility.
Footnotes
(1) Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles (“GAAP”) (a “Non-GAAP Financial Measure”). Please see “Non-GAAP Financial Measures” at the end of this news release.
(2) Free Cash Flow is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release.
Conference Call
ProFrac has scheduled a conference call on Thursday, May 9, 2024 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 412-902-0030 and ask for the ProFrac Holding Corp. call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address https://ir.pfholdingscorp.com/news-events/ir-calendar. A telephonic replay of the conference call will be available through May 16, 2024 and may be accessed by calling 201-612-7415 and using passcode 13745998#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
About ProFrac Holding Corp.
ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac is focused on employing new technologies to significantly reduce "greenhouse gas" emissions and increase efficiency in what has historically been an emissions-intensive component of the unconventional E&P development process. ProFrac Corp. operates in three business segments: stimulation services, proppant production and manufacturing. For more information, please visit ProFrac’s website at www.PFHoldingsCorp.com.
https://ih.advfn.com/stock-market/NASDAQ/profrac-ACDC/stock-news/93812700/form-8-k-current-report
So IMMR won $17.3M from Meta...but then paid out even more than that for legal expenses in the quarter?? I'm no lawyer but that sounds like a terrible deal.
Also interesting...despite having over $41M available for share repurchases...they didn't buy back a single share in Q1. Wonder why not?? From the 10Q-
During 2023, we repurchased 1,217,774 shares of our common stock for $8.3 million at average purchase price of $6.77 per share. We did not repurchase any stock during the three months ended March 31, 2024. As of March 31, 2024, we had $41.7 million available for repurchase under the December 2022 Stock Repurchase Program.
I think the stock might pop a little higher tomorrow. $10 seems like a crazy stretch. Wouldn't be surprised if IMMR even finished red since lots of people were expecting that big 1-timer from Meta to boost Q1 earnings.
The jump in G&A is related to the META legal cost. She should rise over 10 tomorrow, as (current Market value- Cash) is only about 2 times annual earning
I bought some AAOI into earnings @ $10.99
Not much though, and only because the stock was $21 before last earnings, and insiders were buying at $12+ only a few weeks ago. The company expects a horrible Q1, but guidance hopefully will be strong going forward. This stock can pop 40%+ very quickly if the news is good. and if they disappoint again with guidance, the stock could drop 20%-30% real fast too. Not without risk, but taking a shot- maybe get lucky
SSKMP Managed Index (As Of 5/8/24)
Daily Performance
+0.09%
YTD Performance
+1.31%
Overall Performance
+477.91% (Including Options Trading +341.89%)
I agree with you. Just got out at $7.70
Funky numbers from IMMR. They recognized the $17.5M from Meta as revenue? But then a huge jump in G&A expense too?? Weird. The way it looks, the bottom line woulda stunk excluding the 1-time Meta boost.
https://finance.yahoo.com/news/immersion-corporation-reports-first-quarter-201500906.html
IMMR - First Quarter Financial Summary1:
Total revenues of $43.8 million, compared to $7.1 million in the first quarter of 2023.
GAAP net income was $18.7 million, or $0.59 per diluted share, compared to GAAP net income of $8.3 million, or $0.25 per diluted share, in the first quarter of 2023.
GAAP operating expenses of $27.2 million in the first quarter of 2024, compared to $3.8 million in the first quarter of 2023. Non-GAAP operating expenses of $26.1 million in the first quarter of 2024, compared to $2.6 million in the first quarter of 2023.
Non-GAAP net income was $19.8 million, or $0.63 per diluted share, in the first quarter of 2024, compared to non-GAAP net income of $9.5 million, or $0.29 per diluted share, in the first quarter of 2023.
Total cash and short-term investments were $179.1 million, a $18.7 million increase compared to $160.4 million of total cash and short-term investments as of December 31, 2023.
(1)
Non-GAAP measures are not calculated in accordance with GAAP as described in this press release. A reconciliation of each Non-GAAP measure to the most applicable GAAP measure is included in this press release.
"I am pleased with the strong start to 2024," said Eric Singer, Chairman and CEO. "While it is unlikely that the first quarter’s outsized revenue performance will be repeated in the future, Immersion is operating from a position of strength as we work to protect and monetize our intellectual property. Our strong balance sheet also provides us with considerable optionality as we seek to drive long-term shareholder value."
The seventh quarterly dividend, in the amount of $0.045 per share, will be paid on July 26, 2024 to shareholders of record on July 8, 2024. Future quarterly dividends will be subject to further review and approval by the Board of Directors (the "Board") in accordance with applicable law. The Board reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews the Company’s capital allocation strategy from time-to-time.
DIN
DIN reported this morning. Was disappointed with the number of $1.33. But was happy they reiterated there guidance. I still think they will do about $6.25-$6.50 this year which is dirt cheap for a restaurant stock (To be fair I did make one mistake when I orginally thought they would earn $6.75-$7.25, I originally thought the added Stock based compensation to the adjusted earnings numbers, but they don't. They keep gradually knocking the share count down slightly quarter after quarter. And the divy is in the high 4's so you get paid while you wait. Lets face it SBC was abnormally high this quarter as well so that cost EPS .10-.15 more than normal as well.
However the main question is why do you feel confident they will hit the numbers after q1 disappointment?
That question is very fair by the way. Same store sales weren't pretty this quarter to say the least. First of all they had a very tough comp last year as SSS were up 6.1% Last Year for Applebee's and 8.7% for IHOP for q1. Hence the comps were difficult for this quarter to say the least, all other quarter are much easier. Secondly they said there number improved every month in the quarter and continuted improving sequentially into the q2. So that is a plus. The fact that they said q2 seemed to be going well so far, and this quarter got better as the quarter went on is what is giving me confidence and lets face it is not priced for perfection either here so that is a plus. So I'm sticking with DIN. All is just my opinion, and I could always be wrong though.
SSKMP Trades
Sell 300 Shares of HALO
Sell 1,200 Shares of HHS
Note that this is a fictional portfolio and is not a recommendation to buy or sell securities
DIN -.14 to 43.44, after an earnings miss, but guidance maintained. Any thoughts ?
briefing -
Dine Brands misses by $0.24, misses on revs; reaffirms FY24 domestic comp guidance (43.55 ) :
Reports Q1 (Mar) earnings of $1.33 per share, excluding non-recurring items, $0.24 worse than the FactSet Consensus of $1.57; revenues fell 3.5% year/year to $206.24 mln vs the $210.54 mln FactSet Consensus.
Applebee's domestic comparable same-restaurant sales declined -4.6% in Q1.
IHOP's domestic comparable same-restaurant sales declined -1.7% i Q1.
Co reaffirms FY24 domestic comp guidance: Applebee's at +0-2%; IHOP at +1-3%.
"Our brands have been tested through many economic cycles in the past decades and while our first quarter results reflect the impact of consumer price sensitivity and challenging weather conditions, our fundamental business model remains steady with solid cash flow and positioning us to deliver on our guidance for the year."
SD...Stuck my toe back in the water on today's dip to the $13.30's. It's a crap shoot but I think if I can hold on til next year I may make some decent gains.
We'll see what happens.
HHS
In the long run I think your gonna be right, in the short run, I don't think this is the quarter to bet on. This is a seasonally weak quarter generally and lets face it sales are still showing significant y/y declines as of right now. I do think that will turn positive in the 2nd half of the year, but right now we are in q1. The thing that is changed for me why I decided to sell is I now really feel q1 is generally seasonally weak, hence I don't see it going up if they show a slight loss or slight profit. Maybe I'll be completely wrong, but my gut is telling me get out now so I did. Time will tell. All is just my opinion, and I could always be wrong though.
Could be right on HHS. But I don't think people are expecting Q1 to be a strong quarter. Could still be a favorable comp. With a promise of more cost cutting & better earnings to come later this year. At least I hope...
HHS
Decided to sell my small position with shares here and there of HHS over the last week at $7.07 and higher. Took a small profit. I thought about it and I don't think q1 is gonna be anywhere as good as q4. Seasonally q1 tends to be a weaker quarter, if they report a loss, and I do believe in the longer-term thesis but after further review I believe the stock could get hit in the short-run, hence I probably will be looking to buyback, I just don't think q1 will be pretty, and I think the stock could be lower than current prices. Maybe I'll be wrong, but my gut is telling me I'll be able to buyback cheaper in my opinion.
CSPI...Yes. Bought a few more @ approx $11.45...I was going to ask you the same thing. Too bad you missed it. Maybe get another shot though, You never know.
I know what you mean about missing opportunites though...I missed buying more CXDO in the $3.80's today. Hoping for CXDO to keep sliding lower. I'm in no hurry to sell any more until next year and will accumulate more at the right price.
Hopefully you grabbed some more CSPI. Low of $11.11. I was tempted below $12. Now up 11% on the day to the $13.70's. Dang.
One of several mistakes I made today. Thought SNCR had an interesting earnings report. Tried to snag some at the open but gapped up over my orders. Then the stock flew much higher from the opening price. Also was tempted to short a few SIGA into earnings after the stock had more than doubled recently. Didn't. And of course it's plunging 28% today.
GERN($3.84)- PDUFA on June 16
GERN's huge day coming in 5 weeks. I have decided to lighten up. I had 70000 in Wadegarret, and now 40000. I do think there's some risk holding into the announcement, despite the ADCOM giving a 12 to 2 vote. I am holding the same in my personal account.
CXDO...Was down 17% today...This is more than likely due to a shelf filing yesterday. Good buying opportunity especially if it keeps dropping (IMO). The CEO made clear yesterday on the cc that shelf is good for 3 years and is not for immediate use. Said it's a testament to good corporate governance. If and when Crexendo uses it, it will be for future srtategic investments and most likely be for accretive acquisitions.
This is a hell'a strong management team. No reason to doubt them at their word.
Hold, Wait, & Accumulate!!!
HALO
Clearly could of timed it better by selling this morning. I still think it will see the high 30's in the coming weeks. I was disappointed with the revs in q1 and some of the guidance for q2. I do still believe in the longer run the stock will go higher than where I sold. All is just my opinion, and I could always be wrong though.
IDR +.24 to 9.35, nice trading .... I'm holding on for now, averaged in at $8.67 .....
HALO +1.24 to 42.45 after hitting 44.78 earlier this morning ..... I'm holding on to my shares but wrote some June $45 calls at $1.50 .... but I wouldn't be surprised if it dips back into the high $30's at some point especially if there's a major market correction this summer.
PSIX - My take is profit margins on power systems is higher than industrial and transportation, which showed significant decreases? Also they have power products in data centers.
Sales for the first quarter of 2024 were $95.2 million, a decrease of $21.2 million, or 18%, compared to the first quarter of 2023, as a result of lower sales of $14.1 million and $24.4 million within the industrial and transportation end markets, respectively, partially offset by an increase of $17.3 million in the power systems end market. Higher power systems end market sales are primarily due to increased demand for products across various applications, with the largest increases attributable to products used within the packaging market such as enclosures serving the fast-growing data center market as well as oil and gas products and demand response products.
PSIX I saw the pr.. but only had a chance to scan it, but I imagine some of that margin improvement is by way of the dramatic reduction in debt. And we see they are continuing to pay down debt; and you'd think that will continue and drive net margins up further as the year goes on.
Yep I'm just playing IMMR as a quick scalp. Should be a big headline EPS number from the Meta 1-time gain.
IMMR 7.32 - looked ready to bust-up yesterday and then faded. I also intend to hang on to my small position thru earnings, but this sure feels like a hot potato, yes?
IDR working out nicely so far. Trimming a few in the mid $9's. Just to guarantee it goes over $10 soon.
PSIX 2.30 - adding...
Management Comments
Dino Xykis, Chief Executive Officer and Chief Technical Officer, commented, “Despite headwinds we experienced in the first quarter 2024, such as supply chain challenges from UFLPA and demand weakness on some products, the company managed to achieve profitability by prioritizing margin enhancement and efficient management of working capital. We expect sales will improve for the remaining year, driven by strong demand for our power systems products. We are also extremely pleased that we restored positive shareholder equity in the quarter, for the first time since 2020. We also paid down debt $5.0 million in the first quarter of 2024, and an additional $5.0 million in April 2024.”
Xykis continued, “While there will be challenges and uncertainties ahead of us in 2024, we are committed to profitable growth and expect growth from the power systems end market to help drive our outlook for the upcoming year.”
https://www.otcmarkets.com/filing/html?id=17518257&guid=yYQ-keaCFHLSJth#psiearningsrelease-march31_htm
PSIX($2.16) reports Q1 EPS $.31 vs $.16 on continued margin improvement
Q1 revenues fell to $95M from $116M last year. But it's very noteworthy that in the PR the company forecasts full-year 2024 revenues to be up 3%, suggesting that the upcoming 3 quarters of 2024 will show revenues averaging about $126M. Given the strong margins that PSIX has been reporting for several quarters now, the EPS that they will report on $126M in revenues should be significant!
PSIX remains one of my largest positions.
https://www.otcmarkets.com/stock/PSIX/news/story?e&id=2851568
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