Tag: Conglomerates

NN, Inc. (NNBR) – Releases 1Q24 Results; Business Transformation Continues

Posted on by cpereira@noblefcm.com


Tuesday, May 07, 2024

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.

Improved Profitability. Management’s strategic transformation program is showing up in NN’s results. The first quarter of 2024 was the third quarter in a row of improved quarterly results. TTM adjusted EBITDA improved for the fourth consecutive quarter. Although the business environment remains unsettled, management is taking the steps to both win new business and reduce costs.

1Q24 Results. Net sales of $121.2 million were down 4.6% versus the year ago period, primarily as a result of rationalized volume. We had forecast $120 million. Adjusted EBITDA came in at $11.3 million, or 9.3% of sales, up from $8.1 million, or 6.4% of sales last year. We had estimated $9.6 million. NN reported an adjusted net loss of $4 million, or a loss of $0.08/sh, compared to an adjusted loss of $5.7 million, or $0.12/sh, in 1Q23. We were at an adjusted net loss of $5.2 million, or a loss of $0.10/sh.


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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) – A Leading Manufacturer of High-Precision Metal Products

Posted on by cpereira@noblefcm.com


Monday, April 15, 2024

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.

Initiating Research Coverage. We are initiating research coverage of NN, Inc. with an Outperform rating and a $6 price target. Under a new management team, NN is implementing a strategic transformation designed to secure new growth, increase profits, and generate free cash flow.

Attractive End Markets. NN competes in growing and attractive end markets across the globe. NN won a record $62.6 million of new business wins in 2023. With a global competitive operational footprint, NN can leverage its collective strengths and procurement scale, in our view. End market diversity helps insulate the Company from a downturn in any one end market.


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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. 

Harte Hanks (HHS) – On A Path Toward Revenue Growth

Posted on by cpereira@noblefcm.com


Friday, March 15, 2024

Harte Hanks (NASDAQ: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract, and engage their customers. Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in Chelmsford, Massachusetts , Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific .

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

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Solid Q4 Results. The company reported Q4 revenue of $49.5 million, 4.6% higher than our estimate of $47.3 million. The positive revenue surprise is attributed to higher than expected Customer Care revenue. Adj. EBITDA in the quarter was $5.2 million, which beat our estimate of $3.3 million by a strong 60.3%. The favorable operating results were driven by stronger than expected Customer Care revenue, which carries a higher margins than its other revenue streams.

2024 Outlook.  In our view, the company stands to benefit from several positive developments in 2024. Notably, management highlighted its plans to reduce expenditures, with roughly $6.0 million of savings expected in 2024 and approximately $16.0 million of cost reductions planned over the next two years. Additionally, the company is developing a partnership network it plans to utilize in the coming year.


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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. 

Harte Hanks (HHS) – Building Blocks For Enhanced Growth

Posted on by cpereira@noblefcm.com


Friday, November 10, 2023

Harte Hanks (NASDAQ: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract, and engage their customers. Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in Chelmsford, Massachusetts , Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific .

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

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Q3 results largely in line. Total company revenue weas $47.1 million, in line with our $47.5 million estimate. Total company revenues were essentially flat with Q2 revenue of $47.8 million, which the company views as its baseline quarter. Q3 adj. EBITDA was $4.2 million, a few hundred thousand shy of our $4.8 million adj. EBITDA estimate.

Investing to accelerate growth. We believe that management is putting the pieces together to enhance the company’s long term revenue and adj. EBITDA growth. It has embarked on a strategy to add sales staff and drive efficiencies company wide. We believe that this strategy will pay dividends beginning in the second half 2024, but notably in 2025 as revenues ramp and margins improve. 


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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. 

Harte Hanks (HHS) – A Baseline Quarter

Posted on by cpereira@noblefcm.com


Friday, August 11, 2023

Harte Hanks (NASDAQ: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract, and engage their customers. Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in Chelmsford, Massachusetts , Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific .

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

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Solid Q2 results. The company reported Q2 revenue of $47.8 million, 3% lower than our estimate of $49.3 million. The slight miss was attributed to softer than expected revenues from Marketing Services and Fulfillment & Logistics. Adj. EBITDA in the quarter was $4.4 million, which beat our estimate of $3.9 million by 12.6%. The favorable adj. EBITDA surprise was due to stronger than expected Customer Care revenue, which boasts higher margins than its other revenue streams. 

Second-half outlook.  Management indicated that Q3 and Q4 likely will be similar to the revenue baseline of Q2 results. Notably, management highlighted that each quarter is expected to be profitable due to costs and expected improvements in the Customer Care pipeline. 


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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. 

Harte Hanks (HHS) – Begins A New Chapter

Posted on by cpereira@noblefcm.com


Tuesday, June 20, 2023

Harte Hanks (NASDAQ: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract, and engage their customers. Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in Chelmsford, Massachusetts , Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific .

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.

Appoints a new CEO. The company announced yesterday that it has appointed Kirk Davis as its new CEO, replacing Brian Lenscott, effective immediately. Davis has been nominated as a member of the company’s board of directors. Davis served as CEO of Metro Corp and previously as CEO of GateHouse Media. Davis will be aligned with shareholders, awarded 240,000 stock options to purchase HHS shares to be priced today. 

Bold move. We do not believe that there were any nefarious reasons for the abrupt CEO change. In our view, the change reflects the objectives of the board to focus on revenue growth and to consolidate its leadership at its headquarter offices in Massachusetts. 


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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. 

Harte Hanks (HHS) – A Change In Tone; Initiates Share Repurchase Authorization

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 2023

Harte Hanks (NASDAQ: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract, and engage their customers. Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in Chelmsford, Massachusetts , Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific .

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

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Soft Q1 results.  The company reported Q1 revenue of $47.1 million, missing our estimate of $50.4 million by 6.5%. Adj. EBITDA in the quarter was $2.7 million, 21.8% lower than our estimate of $3.4 million. While we had anticipated a tough quarter, the results reflected softer than expected operating results in its Customer Care and Marketing Services segments.  

Not as resilient as once thought. The economic headwinds have created anxiety with businesses, which have delayed or cancelled some campaigns. While we continue to anticipate revenue strength in its Fulfillment and Logistics business, this is low margin and will not be enough to offset the higher margin revenue weakness. 


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.