Category: Industrials

Kelly Services (KELYA) – Transformation Continued in the Fourth Quarter; Raising PT to $27

Posted on by cpereira@noblefcm.com


Tuesday, February 20, 2024

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q23 Results. Kelly reported revenue of $1,232.2 million, essentially flat y-o-y and down just 1.3% on a constant currency basis. We had estimated $1,220 million. Adjusted net income was $34.1 million or EPS of $0.93, compared to $7 million, or $0.18/sh last year. We had estimated EPS of $0.56. Adjusted EBITDA was $32.5 million, or a 2.6% margin, up from $24.1 million and 2%, respectively, last year. We had forecast $33.8 million.

International Sale. As previously announced, Kelly completed the sale of its International staffing business in early January. This business generated some $810 million of revenue and $120 million of gross profit in 2023.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

EuroDry (EDRY) – Strong results on the heels of fleet expansion and shipping rate improvement

Posted on by cpereira@noblefcm.com


Tuesday, February 20, 2024

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Revenues improve with the addition of vessels and higher shipping rates. EuroDry took possession of three ships during the quarter and put them into service, resulting in additional operating days. The average shipping rate of $14.570 rose 20% quarter over quarter. EuroDry continues to be the most sensitive to rate changes of all the shipping companies we follow. 

Expenses went up with more ships, but costs per operating day were flat. Vessel operating and depreciation costs rose with an increase in voyage days. Vessel operating costs per voyage day were $5,421 in the most recent quarter versus $5,343 in the previous quarter and $5,366 in the same period last year. Financing costs rose with the issuance of $32.5 million to finance the acquisition of vessels. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

The GEO Group (GEO) – Ending the 2023 Fiscal Year on a Good Note

Posted on by cpereira@noblefcm.com


Friday, February 16, 2024

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q23 Results. Revenue for the quarter came in at $608.3 million, compared to $620.7 million a year ago. Adjusted EBITDA totaled $129 million, EPS was $0.21, and adjusted EPS $0.29. In the year ago period, GEO reported $145.5 million, $0.28, and $0.34, respectively. We had forecast $600 million, $119.5 million, $0.19, and $0.19, respectively.

Debt Reduction. For the full year, GEO reduced net debt by some $197 million, ending the year with approximately $1.8 billion of net debt. We expect the Company to continue to reduce net debt by $175-$200 million annually.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Great Lakes Dredge & Dock (GLDD) – A Solid Fourth Quarter; Backlog Continues to Rise

Posted on by cpereira@noblefcm.com


Friday, February 16, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q23 Results. Fourth quarter revenue came in at $181.7 million, slightly below our $190 million estimate, due to a delay in some work which has since commenced, but above the $146.7 million in 4Q22. Reported gross margin jumped to 21.3% from a negative last year. Net income came in at $21.6 million, or $0.32/sh, from a loss of $31.2 million, or a loss of $0.47/sh in 4Q22, which was impacted by the write-down of the Terrapin Island. Adjusted EBITDA came in at $40.8 million, up from a $24.2 million loss last year.

Solid Operating Environment. The dredging bid environment remains strong, with proposed increased funding and a number of key capital projects coming to bid in 2024. While the wind and LNG segments are more challenged, we believe both markets will prove fruitful for Great Lakes in the long-term.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kratos Defense & Security (KTOS) – A Better Than Expected Fourth Quarter

Posted on by cpereira@noblefcm.com


Wednesday, February 14, 2024

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q23 Results. Coming in above expectations, 4Q23 revenue totaled $273.8 million, up 9.8% y-o-y, with the improvement driven by 17% growth in the Government Solutions segment. Adjusted EBITDA came in at $29.1 million, up from $19.2 million a year ago. Adjusted EPS was $0.12 versus $0.08. We had forecasted revenue of $250 million, adjusted EBITDA of $22.5 million, and adjusted EPS of $0.08.

Opportunity, Opportunity, Opportunity. The Company continues to rack up awards. Yesterday, Kratos announced the award of the $579 million SATCOM C2 System ID/IQ. This was the Company’s only major re-compete. Notably, the size of the contract is 50% larger than the prior contract, adding another growth vehicle.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

CoreCivic, Inc. (CXW) – Raising Price Target to $17, Post Call Commentary

Posted on by cpereira@noblefcm.com


Monday, February 12, 2024

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

ICE Pops — Where Do We Go From Here? ICE detainee population grew to 38,498 at the end of January, up from 36,845 at the end of the Federal government fiscal year. But CR funding remains at 34,000 beds. With the CR ending March 8th, it is unclear if a budget will pass and where funding will end up. The recent Senate discussions had suggested a 50,000 bed level, but it is unclear where negotiations go from here. CoreCivic ICE pops were down modestly to a current 11,334 from 11,800 in November, reflecting normal seasonality.

Margins. With higher populations across federal, state, and local partners, higher occupancy rates, normalizing staffing cost and inflation, and per diem increase, operating margin improved in 4Q23. We anticipate additional improvement in 2024. Notably, the Community segment operating margin rose to 33.4% in the quarter, up from 22.2% last year.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Orion Group Holdings, Inc. to Report Fourth Quarter and Full Year 2023 Financial Results on Wednesday, February 28

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ORN

Feb 08, 2024

Conference Call to be held Thursday, February 29 at 8:00 a.m. Central Time

HOUSTON, Feb. 08, 2024 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced that it will issue its financial results for the fourth quarter and full year ended December 31, 2023, on Wednesday, February 28, 2024, after the close of the stock market.

A conference call and audio webcast with analysts and investors will be held the next day, February 29, at 8:00 a.m. Central Time/9:00 a.m Eastern Time to discuss the results and answer questions.

Live conference call: 844-481-2994

Live and archived webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=YsBXYWPw or the Company’s website at Orion Group Holdings, Inc. – Investor Relations & Shareholder Contact (oriongroupholdingsinc.com)

About Orion Group Holdings, Inc.

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices strategically located across its operating areas. (oriongroupholdingsinc.com)

Contact:

Financial Profiles, Inc.
Margaret Boyce
310-622-8247
mboyce@finprofiles.com

CoreCivic, Inc. (CXW) – A Fourth Quarter Beat

Posted on by cpereira@noblefcm.com


Thursday, February 08, 2024

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Results. Fourth quarter revenue totaled $491.2 million, up from $471.4 million last year and in-line with our $495 million projection. Adjusted EBITDA for the quarter was $90 million, compared to $87.7 million last year and our $82 million estimate. CXW reported adjusted net income of $26.4 million and adjusted EPS of $0.23, beating our estimates of $17.5 million and $0.18, respectively, and improving from $25 million and $0.22 last year.

Strong Business Momentum. The better than expected results were driven by ongoing population and resulting occupancy increases. CoreCivic ended the year at 74% occupancy, the highest quarterly level since 2Q20. Labor availability and wage inflation are normalizing, resulting in improving margins. We expect these trends to continue in 2024.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

AZZ Inc. (AZZ) – AZZ releases fiscal 2025 guidance in line with expectations

Posted on by cpereira@noblefcm.com


Monday, February 05, 2024

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Management releases initial fiscal 2025 guidance. Management projects sales of $1.5-$1.6 billion (Noble est. $1.57b), adjusted ebitda of $300-$350 million ($345m), and adjusted diluted EPS of $4.25-$4.75 ($4.50). Guidance assumes $10-$12m of income from its unconsolidated subsidiary ($9.3m), capital expenditures of $100-$120m ($90m), and $60-$100m of debt deleverage ($40m). Management assumes working capital improvements which we have not assumed in our models. Management also reconfirmed fiscal 2024 guidance.

We are not changing our estimates, but will monitor the areas in which we differ with guidance. Our model projects estimates that at the high end of the range for sales and adjusted ebitda but below unconsolidated sub earnings, capital expenditures, and debt reduction. Given that our estimates are generally in line with guidance, we are not making changes at this time. Instead, we will monitor the discrepancies quarterly and make adjustments as needed.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Haynes International to be Acquired by Acerinox Subsidiary

Posted on by cpatches

In a significant development within the metallurgical industry, Acerinox’s wholly owned U.S. subsidiary, North American Stainless, is set to acquire Haynes International (HAYN), a leading developer, manufacturer, and marketer of technologically advanced high-performance alloys. The all-cash transaction, valued at $798 million, positions Acerinox to fortify its global leadership in the high-performance alloy segment.

Under the definitive agreement, Acerinox will acquire all outstanding shares of Haynes for $61.00 per share in cash, reflecting a premium of approximately 22% to Haynes’s six-month volume-weighted average share price ending February 2, 2024. The enterprise value of the deal stands at approximately $970 million. The transaction has received unanimous approval from the Boards of Directors of both Haynes and Acerinox.

Strategic Benefits for Acerinox:

  • Global Leadership: Strengthens Acerinox’s global leadership in the high-performance alloy segment.
  • U.S. Market Expansion: Expands Acerinox’s presence in the U.S. market, creating new opportunities in the aerospace sector.
  • Strategic Investment: Haynes to reinvest around $200 million over the next four years, particularly in Haynes’s Kokomo operations, to establish an integrated HPA and stainless steel platform.
  • Synergies and Growth: Anticipates annual synergies of $71 million, primarily unlocked through the $200 million investment, fostering growth and margin enhancements.
  • Complementary Businesses: Creates additional value through the combination of complementary businesses, expanding U.S. operating capabilities and establishing a worldwide sales and distribution network.
  • Accelerated Growth: Provides a strong platform to accelerate growth in high-performance alloys and specialty stainless in North America.
  • R&D Capabilities: Adds extensive R&D capabilities and a significant patent portfolio, reinforcing Acerinox’s innovation potential.

Haynes’s Perspective:

  • Significant Premium: Delivers substantial value to Haynes stockholders, offering a premium of approximately 22% to the six-month volume-weighted average share price.
  • Long-Term Success: Ensures the long-term success of Haynes by validating the strength of the business and providing access to Acerinox’s financial strength and expertise.
  • Strategic Investment: The $170 million investment in Haynes’ operations supports continued growth in both flat and round products for the global market.
  • Enhanced Capacity: Positions Haynes to meet dynamic customer demands by increasing manufacturing capacity and offering more differentiated products, applications, and services with faster lead times.
  • Rich Heritage: Merges Haynes’ 112-year-strong foundation and leadership in high-performance alloys with the largest fully integrated stainless-steel company in the U.S.

Regarding the transaction, Noble Capital Markets Senior Research Analyst Mark Reichman stated, “In our opinion, the transaction provides a fair return for Haynes’ shareholders. Additionally, Acerinox has committed to investing $170 million into Haynes’ operations which will support the modernization and growth of the company’s global business in both flat and round products.” Mark initiated research coverage on Haynes International on February 16, 2023.

The information contained in this article, other than Mark’s quote, was derived from the individual press releases issued by the companies involved in this transaction. This press releases can be found here:

https://www.acerinox.com/en/comunicacion/noticias/Acerinox-to-Acquire-Haynes-International/

https://www.haynesintl.com/wp-content/uploads/2024/02/02.05.2024-Transaction-Press-Release.pdf

Haynes International (HAYN) is currently covered by Noble Capital Markets Senior Analyst Mark Reichman. Noble Capital Markets, Inc. is a subsidiary of Noble Financial Group, Inc., the parent company of Channelchek. All equity research on Channelchek is provided by Noble Capital Markets. No part of this article was prepared by Noble’s analysts. Please view Mark’s most recent research report on Haynes International for any applicable disclosures.

DLH Holdings (DLHC) – Post Call Commentary

Posted on by cpereira@noblefcm.com


Friday, February 02, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Waiting on a Budget. The Continuing Resolution continues to hamper DLH’s growth efforts. The Company has plenty of opportunity and stands ready to capitalize on new RFPs. We believe once a budget is passed, there should be a strong flow of new business opportunity for DLH, which will drive organic growth.

1Q24 Bottom Line. The first quarter bottom line was positively impacted by two items. First, due to the CR and bidding opportunities, G&A costs fell to $7.7 million from $10.2 million in 4Q23. G&A costs are likely to remain somewhat muted until a more normal bidding environment emerges. The second was an abnormally low tax rate, 0.5% versus a more typical 25%, due to some discrete items.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Commercial Vehicle Group Completes Sale of FinishTEK Business to Rowmark LLC

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CVGI

February 1, 2024

NEW ALBANY, Ohio, Feb. 01, 2024 (GLOBE NEWSWIRE) — Commercial Vehicle Group (CVG) (NASDAQ: CVGI), a global leader in the design and manufacturing of electrical systems, vehicle components and accessories, plastic products and robotic assemblies, today announced that it has sold its FinishTEK business to Rowmark LLC, effective January 31, 2024.

Based in Dalton, Ga., FinishTEK, is a hydrographic and paint decorator with 95,000 square feet of specialized manufacturing and warehouse space and 30 employees. FinishTEK was part of CVG’s Vehicle Solutions segment serving Tier 1 suppliers and OEM manufacturers in a wide variety of industries, including powersports, heavy-duty truck, appliance, automotive, turf, construction, and agriculture. Rowmark, based in Findlay, Ohio, is a leading manufacturer of engravable sheet plastic for the awards, engraving and signage markets.

James Ray, President and CEO of CVG, stated, “As part of our strategy to drive revenue growth, primarily in our electrical systems business and improve our margins, we continually evaluate our portfolio of businesses and product lines for strategic fit and continued investment. This is a positive transaction for both companies and continues to optimize CVG’s portfolio toward its core growth businesses.”

CVG and Rowmark are committed to a smooth transition for our customers, suppliers, and the employees. The terms of the agreement were not disclosed.

About FinishTEK

FinishTEK was founded in 1993 as Daltek Inc. It was acquired by Commercial Vehicle Group in 2012 and renamed FinishTEK. FinishTEK is a hydrographic and paint decorator specializing in plastics decorating and finishing. It offers customers a wide variety of cost-effective finishes in hydrographics, paint, and UV hard coating.

About CVG

At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about CVG and its products is available at www.cvgrp.com.

Investor Relations Contact:
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

Media Contact:
Patrick Woolford
Director, Communications
Patrick.Woolford@cvgrp.com

Source: Commercial Vehicle Group, Inc.

Kratos Defense & Security (KTOS) – Some More New UAS Business

Posted on by cpereira@noblefcm.com


Thursday, February 01, 2024

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

More UAS Business. Hot on the heels of the Sounding Rocket 4 ID/IQ award from last Friday, the Department of Defense announced, after the market close Tuesday, Kratos Unmanned Aerial Systems (UAS) was awarded a $57.67 million modification to a previously awarded firm-fixed-price contract.

Details. This modification exercises options to procure full rate production Lot Five of the BQM-177A Surface Launched Aerial Targets. Specifically, this modification provides for the production and delivery of 70 BQM-177A Surface Launched Aerial Targets and 70 Rocket-Assisted Takeoff attachment kits, as well as associated technical and administrative data in support of weapons system test, and evaluation and fleet training for the Navy.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.