Category: Industrials

Release – Graham Corporation Announces Groundbreaking Ceremony for $17.6 Million Manufacturing Facility on Batavia, New York Campus

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on GHM

New 29,000 square foot building will create 24 new full-time positions; expect to begin commercial operation summer of 2025

BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, announced that its operating company, Graham Manufacturing, will hold a groundbreaking ceremony today for its new 29,000-square-foot facility in Batavia, NY. This event marks a significant milestone in the Company’s ongoing growth and commitment to serving its customers and the community. The project represents a total investment of approximately $17.6 million, which includes a strategic investment of $13.5 million from one of the Company’s valued customers, with the remaining investment provided by Graham.

State and local officials will join Graham’s executive leadership and construction managers in turning the first ceremonial shovels of dirt, officially launching the building project.

The construction of the new facility is expected to be completed over the next twelve months with operations beginning shortly thereafter. The building will be equipped with state-of-the-art technology and designed with sustainability in mind, aligning with Graham’s broader environmental goals.

Dan Thoren, Graham Corporation President and Chief Executive Officer, commented, “Our new facility will play a key role in enhancing our operational capabilities, providing the expanded capacity to accelerate production to meet our customers’ growing requirements, particularly the U.S. Navy. Moreover, it will enable us to make a positive impact on the Batavia community. Once operational, the expanded operations are expected to create 24 new full-time skilled positions, reinforcing our commitment to job creation and community development.”

U.S. Senator Charles Schumer said, “Graham’s Batavia, NY workforce and the products they make are integral to supporting our nation’s national defense, and today’s $18 million expansion doubles down on their world-class work as a strategic supplier for the U.S. Navy. I’ve been proud to secure vital federal funding for the U.S. Navy’s Submarine and Aircraft Carriers Industrial Base supply chain that the Navy relies on to purchase technology and equipment made right here in Batavia by Graham’s existing 367-employee local workforce. This not only supports these local jobs, but enables the new 24-job $18 million expansion that we break ground on today. With today’s expansion, I commend Graham for setting sail to reach new horizons not only in this company’s growth but in support of our national defense.”

Claudia Tenney, U.S. Representative for New York’s 24th Congressional District, said, “Congratulations to Graham Corporation on breaking ground on this new manufacturing facility here in Batavia. Graham Corporation’s commitment to creating quality and innovative technologies for our military and providing 24 new job opportunities in our community is commendable. I am eager to witness the continued growth and positive impact Graham Corporation will have in our community and around the world.”

Graham is working with Ciurzynski Consulting, Montante Construction and Wolfe Architecture to design and build the advanced manufacturing facility.

About Graham Corporation

Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

Safe Harbor Regarding Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “will,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, timing on the completion of construction, potential expansion of operations, potential job creation, the timing on beginning new operations, and delivering timely or otherwise on schedule are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors,” its quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Christopher J. Thome
Vice President – Finance and CFO
Phone: (585) 343-2216

Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
dpawlowski@keiadvisors.com

Source: Graham Corporation

Released August 19, 2024

SKYX Platforms (SKYX) – Setting the Table for Future Revenue Growth

Posted on by cpereira@noblefcm.com


Thursday, August 15, 2024

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Execution on target. The company reported a solid quarter, in line with our revenue estimate and better than our adj. EBITDA loss estimate. Q2 revenue was $21.4 million, roughly in line with our estimate of $22.0 million, while an adj. EBITDA loss of $2.1 million was better than our forecast of a loss of $4.0 million. In our view, the sequential revenue growth, coupled with a diminishing cash burn should serve as a favorable indicator of the company’s ability to execute its growth strategy, while targeting a swing towards profitability in 2025.  

Expanding distribution channels. Recently, the company announced that its products would become available at Home Depot. Products are already live on Home Depot’s website and various products are expected to arrive in a select number of stores in the coming months. We view this as a significant expansion that furthers the company’s ability to reach both the retail and professional channels at scale. As such, we believe the inclusion of SKYX products at Home Depot could accelerate revenue growth in both customer verticals.


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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. 

FreightCar America (RAIL) – Strong 2Q Operational and Financial Results; Increasing Estimates

Posted on by cpereira@noblefcm.com


Wednesday, August 14, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Second quarter financial results. FreightCar America generated second quarter adjusted net income to common stockholders of $1.772 million or $0.05 per share compared to $0.424 million or $0.02 per share during the prior year period. We had forecast $1.582 million and $0.05 per share. Revenue and rail car deliveries increased to $147.4 million and 1,159 compared to $88.6 million and 760 during the second quarter of 2023. On a year-over-year basis, adjusted EBITDA increased 50.6% to $12.1 million. While EPS was in line with our estimates, railcar deliveries, revenues and adjusted EBITDA were above our estimates.

Full Year 2024 corporate guidance. Management raised its full year 2024 guidance ranges. Railcar deliveries are expected to be in the range of 4,300 to 4,700, revenue is expected to be in the range of $560 million to $600 million, and adjusted EBITDA is expected to be in the range of $35 to $39 million. Previously, railcar deliveries were expected to be in the range of 4,000 to 4,400, revenue was expected to be in the range of $520 million to $572 million, and adjusted EBITDA was expected to be in the range of $32 million to $38 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 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 – FreightCar America, Inc. Reports Second Quarter 2024 Results

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on RAIL

Company delivers 66% year-over-year revenue growth with record profitability at new plant, raises full year guidance

Secured ~3,000 orders, including first tank car conversion order

CHICAGO, Aug. 12, 2024 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights

  • Revenues of $147.4 million on 1,159 railcar deliveries, an increase of 66% compared to revenues of $88.6 million on 760 railcar deliveries in the second quarter of 2023
  • Gross margin of 12.5% with gross profit of $18.4 million, compared to gross margin of 14.6% with gross profit of $13.0 million in the second quarter of 2023
  • Net Income of $8.2 million, or $0.11 per diluted share and Adjusted net income of $6.3 million, or $0.05 per diluted share, accounting primarily for a non-cash item associated with a change in fair market value of warrant liability and a cash item associated with a litigation settlement
  • Adjusted EBITDA of $12.1 million, compared to Adjusted EBITDA of $8.0 million in the second quarter of 2023
  • Delivered its 10,000th railcar manufactured at the Castaños facility
  • Received net orders for approximately 3,000 railcars within the quarter, including a multi-year order to convert over 1,000 tanks cars

“We are very pleased to report our strongest performance yet for revenue, gross profit and Adjusted EBITDA since opening our state-of-the-art facility in 2020. Importantly, these results follow the previously reported 99% growth in revenue and 192% growth in Adjusted EBITDA in the first quarter,” commented Nick Randall, President and Chief Executive Officer of FreightCar America. “Our multiyear turnaround has been a tremendous success, and our focus is on driving growth across our diversified product portfolio as we continue to maximize efficiencies across our value streams.”

Randall continued, “We built a world-class manufacturing campus that is both efficient and flexible. Our customers see this as evidenced by our largest order intake since starting the facility and our recently announced milestone of shipping our 10,000th railcar manufactured at the campus. Furthermore, and consistent with our growth plans, we are pleased to also announce that our order backlog now includes tank cars. Tank cars represent a very important part of the market and are fully aligned with our growth strategy. In summary, we are pleased with the quarter, the year-to-date, and especially with where we see ourselves headed.”

Fiscal Year 2024 Outlook

The Company has updated its outlook for fiscal year 2024 as follows:

 Fiscal 2024 OutlookYear-over-Year Growth at Midpoint
Revenue$560 – $600 million62.0%
Adjusted EBITDA$35 – $39 million84.1%
Railcar Deliveries4,300 – 4,700 Railcars48.9%


Mike Riordan, Chief Financial Officer of FreightCar America, commented, “With our facility complete and all production lines fully operational, we are well on track to achieve the operating performance we envisioned. Given this, combined with the significant order activity in the second quarter, we are raising our full year revenue and delivery guidance to between $560 million and $600 million and 4,300 to 4,700 railcars, respectively. Further, we are increasing our full year Adjusted EBITDA guidance to between $35 million and $39 million. With a strong pipeline of orders, we are well-positioned to leverage our operational efficiencies and cash flow generation to deliver profitable growth for our shareholders.”

Second Quarter 2024 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Tuesday, August 13 at 11:00 a.m. (Eastern Time) to discuss its second quarter 2024 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call via the following live and recorded methods:

Live Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1678919&tp_key=7f0a694b35

Recorded Webcast: A recorded webcast will be available until Tuesday, August 27, 2024, on FreightCar America’s website following the conference call date at: https://investors.freightcaramerica.com/news-events/event-calendar/

Teleconference: Dial-in numbers for the live Conference Call are (877) 407-0789 or (201) 689-8562. Please call in at least 10 minutes prior to the start time of the call. An audio replay may be accessed at (844) 512-2921 or (412) 317-6671; Passcode: 13747591.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Forward-Looking Statements

This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse economic and market conditions including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings, and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net loss and Adjusted EPS. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.

Investor Contact:RAILIR@Riveron.com

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SKYX Platforms (SKYX) – Solid Q2 Punctuated by Reduced Cash Burn

Posted on by cpereira@noblefcm.com


Tuesday, August 13, 2024

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Q2 in line. The company reported Q2 revenue of $21.4 million, roughly in line with our estimate of $22.0 million. Adj. EBITDA of a loss of $2.1 million was better than our forecast of a loss of $4.0 million, primarily driven by lower-than-expected SG&A expenses. Figure #1 Q2 Results illustrates the quarterly performance.

Key expansion to Home Depot. Following the conclusion of Q2, the company announced that its products would become available at Home Depot, the industry leader in the home improvement market. In our view, this is a significant step for the company as Home Depot has both retail consumers and professional contractors. Consequently, we believe the inclusion of SKYX products at Home Depot could accelerate revenue growth in both customer verticals. The Home Depot expansion also serves to validate the SKYX technology, given that Home Depot is a global industry leader.


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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 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. 

FreightCar America (RAIL) – Solid 2Q Operational and Financial Results; 2024 Corporate Guidance Raised

Posted on by cpereira@noblefcm.com


Tuesday, August 13, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Second quarter financial results. FreightCar America generated second quarter adjusted net income to common stockholders of $1.772 million or $0.05 per share compared to $0.424 million or $0.02 per share during the prior year period. We had forecast $1.582 million and $0.05 per share. Revenue and rail car deliveries increased to $147.4 million and 1,159 compared to $88.6 million and 760 during the second quarter of 2023. On a year-over-year basis, adjusted EBITDA increased 50.6% to $12.1 million. While EPS was in line with our estimates, railcar deliveries, revenues and adjusted EBITDA exceeded our estimates of 980, $127.1 million, and $9.5 million, respectively. The weighted average diluted share count of ~32.3 million was also higher than our estimate of 31.1 million. Second quarter free cash flow amounted to $55.9 million based on net cash flows provided by operating activities of $57.2 million and $1.3 million of net cash flows used in investing activities.

Full Year 2024 corporate guidance. Management raised its full year 2024 guidance ranges. Railcar deliveries are expected to be in the range of 4,300 to 4,700, revenue is expected to be in the range of $560 million to $600 million, and adjusted EBITDA is expected to be in the range of $35 to $39 million. Previously, railcar deliveries were expected to be in the range of 4,000 to 4,400, revenue was expected to be in the range of $520 million to $572 million, and adjusted EBITDA was expected to be in the range of $32 million to $38 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 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) – Review of 2Q24 Results

Posted on by cpereira@noblefcm.com


Monday, August 12, 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, CFA, 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.

Accelerating Growth. Kratos’ second quarter results reflect the successful execution of the Company’s strategy, in our view. The quarter was characterized by organic growth in key areas such as unmanned jet drone systems, turbine technologies, microwave products, and C5ISR.

Alignment. A hardware and software rich technology company, Kratos is well aligned to address increased global defense budgets in the areas such as air defense, missiles, radar, space, satellite, hypersonic engines, propulsion systems, C5ISR, microwave electronics, drones, cyber, and training systems.


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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. 

Kelly Services (KELYA) – Riding Out the Market Conditions

Posted on by cpereira@noblefcm.com


Monday, August 12, 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, CFA, 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.

2Q Results. The sale of the European business and the Motion Recruitment Partners acquisition affected revenue, as revenue declined to $1.06 billion from $1.22 billion last year, but in-line with our estimate of $1.07 billion. Net income for the quarter was $4.6 million, or $0.13/sh, from $7.5 million, or $0.20/sh, a year ago, as the Europe staffing sale contributed to the decrease. We estimated net income of $14.9 million or $0.42/sh.

Growth and Stability. While the uncertain market conditions continue to impact Kelly’s segments, management noted that segments saw sequential stabilization, while others continued to grow such as Education. We believe the stabilization indicates the bottom of demand for some of Kelly’s services, and management’s expectation of modest improvement in most of its segments in the second half gives this credence.


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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 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. 

Graham Corp. (GHM) – A Deeper Dive into 1Q25 Results and Updated Model

Posted on by cpereira@noblefcm.com


Monday, August 12, 2024

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, 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.

1Q25 Results. The improved top and bottom lines reflect Graham’s successful operating strategy, in our view. The first quarter can be characterized by solid growth, consistent improvement, and strengthened profitability. We also would note the expansion of Graham’s defense business has reduced the Company’s economic sensitivity.

New Orders. Graham’s Barber-Nichols segment reported the receipt of three new awards, totaling in excess of $65 million. An extension of work for the MK48 Mod 7 Heavyweight torpedo program, received in the first quarter; a new program for the Columbia-class submarine; and a contract to provide cryogenic recirculation pumps for space vehicles. We believe these awards demonstrate the Company’s capabilities to successfully compete in its key markets.


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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 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) – Our Estimates Reflect a Strong Finish to 2024; Rating Remains Outperform

Posted on by cpereira@noblefcm.com


Monday, August 12, 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.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Second quarter financial results. Eurodry Ltd. reported an adjusted second-quarter net loss to controlling shareholders of $447.4 thousand or ($0.17) per share compared to an adjusted net loss of $1.3 million or ($0.48) per share during the prior year period. Adjusted EBITDA increased to $5.0 million compared to $2.5 million during the prior year period. While financial results improved on a year-over-year basis due to higher revenue, driven by an increased average time charter equivalent rate, voyage and drydocking expenses were above our estimates.

Updating estimates. We forecast 2024 EBITDA of $20.7 million and a net loss of ($0.65) per share. The third quarter will be a heavy quarter for drydocking and our revisions are driven primarily by higher drydocking expenses and fewer voyage days. We anticipate the company to post a net loss in the third quarter but finish the year with a strong fourth quarter due, in part, to lighter drydocking activity.


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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. 

CoreCivic, Inc. (CXW) – A Solid Quarter

Posted on by cpereira@noblefcm.com


Monday, August 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, CFA, 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.

2Q24. Revenue came in at $490.1 million, up from $463.7 million a year ago and above our $482 million estimate. Increased occupancy and per diem rates drove the increase. Adjusted EBITDA was $83.9 million, up from $72.1 million, and our $74.6 million estimate. EPS was $0.17, adjusted EPS $0.20, and NFFO $0.42, compared to $0.13, $0.12, and $0.33, respectively, in 2Q23.

New Contract. In late July, CoreCivic received a Notice of Intent to Award a new management contract from the state of Montana to care for additional residents. The Company expects to receive 120 residents in the 3Q24. If the State needs additional capacity, the State may approve the utilization of any other facility CoreCivic owns or operates.


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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 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. 

Graham Corp (GHM) – A Deeper Dive into 2Q24 Results and Updated Model

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 09, 2024

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, 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.

2Q24 Results. The improved top and bottom lines reflect Graham’s successful operating strategy, in our view. The first quarter can be characterized by solid growth, consistent improvement, and strengthened profitability. We also would note the expansion of Graham’s defense business has reduced the Company’s economic sensitivity.

New Orders. Graham’s Barber-Nichols segment reported the receipt of three new awards, totaling in excess of $65 million. An extension of work for the MK48 Mod 7 Heavyweight torpedo program, received in the first quarter; a new program for the Columbia-class submarine; and a contract to provide cryogenic recirculation pumps for space vehicles. We believe these awards demonstrate the Company’s capabilities to successfully compete in its key markets.


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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. 

NN Inc (NNBR) – Reports Second Quarter Results

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 09, 2024

Joe Gomes, CFA, 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.

2Q24. Net sales totaled $123 million, down 1.8% y-o-y. We were at $118 million. Adjusted EBITDA was $13.4 million, up from $10.5 million last year and above our $12.2 million estimate. The second quarter was the fourth consecutive quarter of improved y-o-y performance. NN reported an adjusted net loss of $0.02/sh, compared to an adjusted net loss of $0.08/sh in 2Q23. We were at an adjusted loss of $0.05/sh.

Transformation Program. NN is seeing the benefits of its transformation initiatives, which are yielding observable momentum across key focus areas of profitability enhancement, operational performance, and accelerated new business wins. Notably, on a trailing-twelve-month basis, NN has delivered adjusted EBITDA of  $49.2 million, an improvement of 28.7% y-o-y.


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.