Category: Industrials

EuroDry (EDRY) – Sensitivity to shipping rates is hurting results & could get worse

Posted on by cpereira@noblefcm.com


Tuesday, February 14, 2023

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, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Lower shipping rates hurting results. Eurodry reported 2022-4Q revenues, net, of $15.1 million versus $22.3 million and below our projection of $19.9 million. Average TCE rates for the quarter were $16,689 versus $29,157 and our $18,982 estimate. Lower shipping rates led to a a 54% decline in adj. ebitda and a 78% decrease in adjusted net income. The sharp declines demonstrate Eurodry’s extreme sensitivity to shipping rates.

Shipping rate sensitivity will only increase in upcoming months. Fleet rate coverage drops off dramatically after the 2023-1Q. In fact, all 11 ships will be exposed to spot or indexed prices. This, combined with a further drop in shipping rates in February, could result in a difficult upcoming quarter for the company. Management estimates it would need rates above $12,700 to be cash flow breakeven while noting current prices in the $6,000-$7,000 range.


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*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. 

DLH Holdings (DLHC) – Post Call Commentary and Updated Models

Posted on by cpereira@noblefcm.com


Friday, February 10, 2023

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 – Generalist Analyst, 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.

A Stronger DLH. The addition of GRSi is a transformative event, in our opinion, creating a more differentiated and powerful Company, with a combined nearly $1 billion of backlog and a new business pipeline that provides significant future growth opportunities. With favorable end markets, DLH is in the right place, at the right time, with the right solutions, in our view.

Strong Growth in Key Programs. DLH saw excellent growth in its key VA and HHS programs. VA pharmacy revenue rose 23% y-o-y to $19.2 million, VA logistics services revenue jumped 15% to $14.5 million, and HHS Head Start revenue increased 34% to $9.1 million, as services offered under this program returned to a more normal pre-COVID level.


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*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. 

DLH Holdings (DLHC) – A First Look at 1Q23 Results

Posted on by cpereira@noblefcm.com


Thursday, February 09, 2023

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 – Generalist Analyst, 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.

1QFY23 Results. Revenue totaled $72.7 million, down from $152.8 million in 1Q22, due to the absence of the short-term FEMA contract. DLH reported GAAP earnings of $1.5 million, or $0.11 per diluted share, compared to $7.8 million, or $0.55 per diluted share last year. EBITDA was $6.3 million, or 8.7% of revenue, compared to $13.2 million and 8.6% last year.

Adjusted Results. Adjusting for both the FEMA contribution last year and the partial quarter GRSi contribution in 1Q23, DLH would have reported revenue of $65.9 million, up from $61.7 million a year ago. Adjusted operating income was $5.3 million, compared to $4.9 million. Adjusted net income totaled $3.6 million, or EPS of $0.25, compared to $3.1 million and $0.22 last year. Adjusted EBITDA was $7.2 million, or 10.9% of adjusted revenue, compared to $6.9 million, or 11.1%, last year.


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*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) – $49.6 Million Contract for Unmanned Targets

Posted on by cpereira@noblefcm.com


Wednesday, February 01, 2023

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 – Generalist Analyst, 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.

BQM-177A Targets. Last night, the Department of Defense announced it has awarded Kratos a $49.6 million firm-fixed-price contract for the production and delivery of 55 full rate production Lot 4 BQM-177A Surface Launched Aerial Targets. Included in the award are 55 rocket assisted takeoff attachment kits, 277 mission kits, and associated technical and administrative data. The work is being conducted for the U.S. Navy, as well as the governments of Canada and Australia. The contract is expected to be completed in April 2024.

Valkyrie Flying at Eglin. Eglin Air Force Base recently conducted an operational experimentation test flight of the Valkyrie. Recall, this past fall, two government-owned Kratos XQ-58A Valkyries were transferred to Eglin. Notably, Eglin is an Air Force base as opposed to the Yuma Proving Ground, were the majority of the Valkyrie testing has been done, which is operated by the Army. The resources available at Eglin are a major reason XQ-58A testing found a new home at the base. The Eglin Range communications support infrastructure will allow engineers at the ground station in the Central Control Facility to monitor the vehicle’s performance during flight.


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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. 

Great Lakes Dredge & Dock (GLDD) – Investor Conference Highlights

Posted on by cpereira@noblefcm.com


Friday, January 13, 2023

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, Senior Research Analyst, 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.

Investor Conference. Great Lakes CEO Lasse Petterson and CFO Scott Kornblau recently hosted an investor conference. While short on financials for the disappointing 2022 full year as results are not yet in, management did provide a pathway for improved performance in 2H23 and into 2024, with a longer term goal of exceeding the $150 million of EBITDA generated in 2020.

The Table Is Set. After a disappointing level of bid activity in 2022, the table appears to be overflowing for 2023. Record funding of $8.66 billion for the Army Corp of Engineers, an additional $1.48 billion under the Disaster Relief Supplemental Appropriations Act, and passage once again of the Water Resource Development Act should drive the 2023 bid cycle, including a significant number of high margin capital projects, Great Lakes’ specialty.


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*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) – Mayhem, and More

Posted on by cpereira@noblefcm.com


Wednesday, January 11, 2023

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, Senior Research Analyst, 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.

Mayhem. Yesterday, Kratos stated that it received a contract from its prime teammate and partner Leidos to support the Expendable Hypersonic Multi-Mission ISR and Strike Program, known as Mayhem. This new contract award will support the Air Force Research Laboratory’s development of an air-breathing hypersonic weapon system over its initial 51-month period of performance.

What Is Mayhem? The Mayhem program is focused on delivering a larger class air-breathing hypersonic system capable of executing multiple missions with a standardized payload interface, providing a significant technological advancement and future capability, according to the Department of Defense. The initial task award is $24 million, with a program cap of $334 million.


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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. 

Release – Great Lakes to Present at the 23rd Annual CJS Securities “New Ideas for the New Year” Investor Conference

Posted on by cpatches

Research News and Market Data on GLDD

HOUSTON, Jan. 04, 2023 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced that it will be presenting at the 23rd Annual CJS Securities “New Ideas for the New Year” Investor Conference, to be held virtually on Wednesday, January 11, 2023 at 1:30 pm E.T.

President and Chief Executive Officer, Lasse Petterson, and Chief Financial Officer, Scott Kornblau will provide an overview of the Company and participate in a Q&A discussion. The webcast link for the presentation is https://wsw.com/webcast/cjs5/gldd/1577175.

A replay webcast of the presentation will be available on the Great Lakes website, www.gldd.com, under Events on the Investor Relations page.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) 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 132-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.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Great Lakes Dredge & Dock (GLDD) – Another Difficult Quarter

Posted on by cpatches


Wednesday, December 28, 2022

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, Senior Research Analyst, 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.

Lowered Expectations. Last week, Great Lakes provided an update for 4Q22, with revenue and gross margins expected to be below previous forecasts. Recall, management had previously expected revenue of $175-$185 million and gross profit margin (gpm) in the “high single digits” for 4Q22. We had estimated revenue of $175 million and a gpm of 6.9%.

Impacts. The quarter is being impacted by a number of items, including the early retirement of the Terrapin Island, unexpected drydocking scope increases for the Ellis Island and Padre Island, weather delays on several projects in the northeast, and some project production issues.


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*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) – Some More Contracts

Posted on by cpereira@noblefcm.com


Friday, December 16, 2022

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, Senior Research Analyst, 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 Awards. According to the daily Department of Defense award list, Great Lakes has been awarded two new contracts this week totaling some $37 million. As described below, both awards are for work that is expected to be completed in the first half of 2023. We would remind investors, periodically, awards can be rescinded by the DOD, so while we view the awards as more positive momentum for the Company, we recognize changes can happen between the DOD press release and actual work commencing.

12/12/2022 Contract Award. Great Lakes was awarded an $8,473,720 firm-fixed-price contract for maintenance dredging. Bids were solicited via the internet with three received. Work will be performed in Palm Beach, Florida with an estimated completion date of April 21, 2023. Fiscal 2020, 2021, 2022 and 2023 civil operation and maintenance funds in the amount of $8,473,720 were obligated at the time of the award.


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*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) – Selected for Symphony Engine Design Team

Posted on by cpereira@noblefcm.com


Wednesday, December 14, 2022

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, Senior Research Analyst, 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.

Symphony Design Team. Kratos announced its Florida Turbine Technologies (FTT) unit has been chosen as the engine design team for the Boom Supersonic-led collaboration on Symphony, a new propulsion system to be designed and optimized for Boom’s Overture supersonic airliner.

Who Is Boom? Founded in 2014, Boom Supersonic is transforming air travel with Overture, the world’s fastest airliner, optimized for speed, safety, and sustainability. Designed to carry 65-80 passengers, the first Overture is projected to rollout in 2026. Overture’s order book, including purchases and options from American Airlines, United Airlines, and Japan Airlines, stands at 130 aircraft.


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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. 

Release – CoreCivic Receives Lease Termination Notice for the California City Correctional Center from the State of California

Posted on by aweinsoff@channelchek.com

Research, News, and Market Data on CXW

December 6, 2022

BRENTWOOD, Tenn., Dec. 06, 2022 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today it received notice from the California Department of Corrections and Rehabilitation (CDCR) of its intent to terminate the lease agreement for the company-owned, 2,560-bed California City Correctional Center (CCCC) by March 31, 2024, due to the state’s declining inmate population.

The lease agreement is fully funded through the current fiscal year ending June 30, 2023. Funding for the lease of the CCCC for the 2024 fiscal year, beginning July 1, 2023, will be determined in the California legislature in the first half of 2023 as part of the annual budget process. As part of this process the Company plans to engage with the state of California regarding the continued utilization of the CCCC by the CDCR due to its modern infrastructure, efficient design, and comprehensive maintenance program.

Since the lease of the CCCC commenced in 2013, the Company has continually invested in facility enhancements to ensure the CCCC is operating at its optimum performance to the benefit of the facility’s residents, the correctional professionals employed at the CCCC and CDCR. In order to support the Company’s environmental sustainability commitments, the Company recently procured a 100% renewable electricity supply for the facility. The Company believes these factors, along with the advanced age of many of the state of California’s other correctional facilities, support the continued lease of the CCCC by the CDCR.

Rental revenue generated from the CDCR at the CCCC for year ended December 31, 2021, and nine months ended September 30, 2022, was $33.3 million and $25.7 million, respectively, and is reported in the CoreCivic Properties business segment. CoreCivic is very proud of its opportunity over the past nine years to help the state of California successfully manage through its historic challenges with prison overcrowding. The Company believes its relationship with the state of California has demonstrated the value and flexibility it provides to governments across its full range of solutions, including through innovative lease agreements like the one at CCCC.

About CoreCivic

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides 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. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the United States. CoreCivic has been a flexible and dependable partner for government for nearly 40 years. CoreCivic’s 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.

Forward-Looking Statements

This press release contains statements as to CoreCivic’s beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with the timing of the lease termination, which could potentially occur prior to March 31, 2024, and the Company’s intention to engage with the state of California regarding the continued utilization of the CCCC by the CDCR.

CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

Contact:Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024
Financial Media: David Gutierrez, Dresner Corporate Services – (312) 780-7204
  

Great Lakes Dredge & Dock (GLDD) – Fleet Renewal Program Moving Forward

Posted on by cpereira@noblefcm.com


Wednesday, December 07, 2022

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, Senior Research Analyst, 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.

Fleet Renewal. Great Lakes announced the Galveston Island is in the water and is scheduled to be in operation in the first half of 2023. The Galveston Island provides Great Lakes with additional capacity and improved efficiencies. The new vessel will  have a positive impact on Great Lakes’ competitiveness in the coastal protection and maintenance markets as well as address the specific needs in the growing offshore wind market, in our view. Next step is to undergo sea trials, which we expect will happen shortly.

Introducing the Galveston Island. Originally announced in June 2020, the Galveston Island is a 6,500-cubic-yard-capacity Trailing Suction Hopper Dredge. The dredge will be equipped with a direct high-power pump-ashore installation, dredging system automation, dynamic positioning and tracking, U.S. EPA Tier IV compliant engines, and have capabilities of running on biofuel to minimize the environmental impact. Cost to build was around $100 million.


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*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. 

DLH Holdings (DLHC) – Reported Fourth Quarter and Full Year 2022 Results

Posted on by cpereira@noblefcm.com


Tuesday, December 06, 2022

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, Senior Research Analyst, 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.

4QFY22 Results. Revenue totaled $67.2 million, up from $66.4 million in 3Q22 and up from $65.2 million in the year ago period. The 3% top line growth, or 6% excluding 4Q21 FEMA revenue, reflects continued expansion of existing core contracts as the FEMA business has been completed. Earnings were $3.4 million, or $0.24 per diluted share, compared to $2.9 million, or $0.21 per diluted share last year. EBITDA was $6.6 million, or 9.8% of revenue, compared to $6.0 million and 9.3% last year. We had projected revenue of $67 million, EBITDA of $7.0 million, and EPS of $0.25.

Full Year FY2022. FY2022 results were positively impacted by the FEMA business. DLH reported full year revenue of $395.2 million, operating income of $33.3 million, net income of $23.2 million, EPS of $1.64, and EBITDA of $40.9 million. Excluding the FEMA contribution, for FY2022 DLH would have reported revenue of $269.4 million, operating income of $20.8 million, net income of $14.1 million, EPS of $0.99, and EBITDA of $28.5 million.


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*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.