Tag: Industrial

CoreCivic, Inc. (CXW) – A Peek into the Second Quarter

Posted on by cpereira@noblefcm.com


Thursday, August 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, 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.

Second Quarter Results. Total revenue was at $490.1 million, above our forecast of $482 million and above last year’s $463.7 million. Occupancy rates helped the increase in revenue, as occupancy increased to 74.3% from 70.3% in the prior year. Management’s cost initiatives are also taking root, as net income was $19.0 million, or $0.17 per diluted share, compared to $14.8 million or $0.13 last year. We estimated net income of $14.4 million or $0.13 per diluted share.

New Contract. CoreCivic was awarded a new management contract in July from the state of Montana to house additional residents at the Company’s facilities. The Company expects that 120 additional residents will be housed in the Saguaro Correctional Facility in Eloy, Arizona. We believe the new contract with the state shows the Company’s flexibility to accommodate additional residents and demand for CoreCivic’s services.


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V2X (VVX) – Set Up For 2H24 Growth

Posted on by cpereira@noblefcm.com


Wednesday, August 07, 2024

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

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. Record revenue of $1.07 billion, up 9.7% from $977.9 million in 2Q23. We had estimated $1.02 billion. Adjusted EBITDA totaled $72.3 million, or a 6.7% margin, compared to $77.8 million and 8.0% last year, driven by contract mix. V2X reported a GAAP net loss of $6.5 million, or a loss of $0.21/sh, versus net income of $1.8 million, or $0.06/sh, in 2Q23. Adjusted EPS was $0.83 versus $1.10. We had estimated adjusted EPS at $0.87.

Revenue Drivers. Revenue growth in the quarter was achieved through continued expansion of existing business in the Pacific and Middle East regions, as well as new programs. Revenue growth in both areas grew by 29% year-over-year. Notably, in the quarter V2X had over $500 million of on contract growth.


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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. 

Haynes International (HAYN) – Tempering Expectations for the Remainder of FY 2024 and FY 2025

Posted on by cpereira@noblefcm.com


Monday, August 05, 2024

Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.

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.

Third quarter financial results. Haynes reported third-quarter fiscal 2024 net income of $8.1 million or $0.63 per share compared to $8.8 million or $0.68 per share during the prior year period. Adjusted EBITDA was $17.1 million compared to $18.7 million during the prior year period and declined as a percentage of net revenues. Third-quarter results were negatively impacted by raw material headwinds and lower mill production volumes due to fewer orders and company initiatives to reduce inventory.

Updating estimates. We have lowered our 2024 EBITDA and EPS estimates to $68.5 million and $2.52, respectively, from $77.3 million and $3.00. The revisions reflect third quarter financial results and management expectations that fourth quarter revenue and earnings will be like the third quarter due to the unfavorable impact of lower production volumes. Our 2025 EBITDA and EPS estimates were lowered to $90.5 million and $3.82, respectively, from $99.5 million and $4.15 to reflect lower revenue and margin expectations in 2025, particularly during the first half of the 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. 

Haynes International (HAYN) – Third Quarter Negatively Impacted by Lower Production and Raw Material Headwinds

Posted on by cpereira@noblefcm.com


Friday, August 02, 2024

Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.

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.

Third quarter financial results. Haynes reported third-quarter fiscal 2024 net income of $8.1 million or $0.63 per share compared to $8.8 million or $0.68 per share during the prior year period. Adjusted EBITDA was $17.1 million compared to $18.7 million during the prior year period and declined as a percentage of net revenues. Third-quarter results were negatively impacted by raw material headwinds and lower mill production volumes due to fewer orders and company initiatives to reduce inventory. Strong operating cash flow of $52.5 million supported reducing the balance of the company’s credit facility by $24.2 million during the first nine months of fiscal 2024.

Merger Update. With respect to Haynes’ proposed merger with North American Stainless, Inc., a wholly owned subsidiary of Acerinox S.A., required approvals in the United States have been obtained. Following favorable decisions by European countries reviewing the transaction from a foreign direct investment (FDI) perspective, the company expects to obtain remaining required clearances from the U.K. and Austria in time for a fourth calendar quarter 2024 transaction close.


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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) – Multi-Year Tank Car Conversion Contract Provides a Solid Path Toward Tank Car Production

Posted on by cpereira@noblefcm.com


Friday, August 02, 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.

Expansion into tank car conversions. FreightCar America has entered into a multi-year contract to convert over 1,000 existing DOT-111 tank cars to DOT-117R (retrofit) tank cars over a two-year period. In addition to further diversifying its product offerings, the expansion into tank car conversions provides a solid path toward M-1002 tank car facility certification by the Association of American Railroads and the production of DOT-117 tank cars. 

Ensuring the safe transportation of flammable liquids. The completed tank cars will receive new exterior tank jackets, thermal protection, full height head shields, top fittings protection and upgraded bottom outlet valves. As part of a federally mandated program, all tank cars transporting Class 3 flammable liquids, such as refined products, crude oil and ethanol, are required to meet DOT-117 or equivalent specifications by May 1, 2029.


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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. 

SKYX Platforms (SKYX) – Coming to Home Depot

Posted on by cpereira@noblefcm.com

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.

Collaboration with Home Depot. Yesterday, the company announced a collaboration with Home Depot, the industry leader in the home improvement market. The announcement marks the first time the company’s products will be available at a big box retailer. In addition, all of the company’s current product offerings will be available on the Home Depot website. 

Step forward for professional sales channel. In addition to serving retail consumers, Home Depot is a leading supplier for professional contractors. As such, we believe the inclusion of SKYX products at Home Depot could accelerate the adoption of the smart ceiling receptacle and SkyPlug products by commercial contractors.


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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. 

V2X (VVX) – Some New Awards; Refined Projections

Posted on by cpereira@noblefcm.com


Monday, July 29, 2024

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

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.

New Awards. Returning to a continuing theme, V2X recently has been awarded some significant new and re-compete business. We believe the awards demonstrate the Company’s ability to compete, and win, in the converged environment.

GMR Award. Notably, on July 22nd V2X secured a $48.5 million ID/IQ contract with the U.S. Army for V2X’s Gateway Mission Router. This is a significant award, in our view, as it highlights V2X’s ability to deliver cutting edge solutions to its partners and expands the number of platforms on which GMR can reside. In addition, margins on the GMR product should be additive to the Company’s overall margin profile.


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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. 

EuroDry (EDRY) – Updating Estimates; Rating Remains an Outperform

Posted on by cpereira@noblefcm.com


Monday, July 29, 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.

Eurodry operates a competitive fleet. EuroDry Ltd. owns and operates dry bulk carriers that transport major bulks, including iron ore, coal, grains, and minor bulks such as bauxite, phosphate, and fertilizer. Eurodry’s fleet is comprised of 13 dry bulk carriers, including five Panamax, five Ultramax, two Kamsarmax, and one Supramax dry bulk carriers all of which are in operation. The total cargo carrying capacity of the company’s 13 dry bulk carriers is 918,502 deadweight tonnes (dwt). The average age of the fleet is 13.5 years. The orderbook in the sector is nearing a 20-year low and demand growth for drybulk vessels appears strong through at least the remainder of 2024. Some uncertainty exists beyond 2024, particularly with respect to bulk commodity demand in China.

Updating estimates. We have lowered our 2024 EBITDA and EPS estimates to $23.8 million and $1.54, respectively, from $28.1 million and $2.05. The revisions reflect fewer available days in the second and third quarters due to drydocking, along with modestly lower time charter equivalent rates.


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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. 

Seanergy Maritime (SHIP) – Two Time Charters with Costamare Bulkers Inc.; Updating Estimates

Posted on by cpereira@noblefcm.com


Tuesday, July 23, 2024

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

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.

M/V Iconship. In mid-June, Seanergy announced the delivery of the M/V Iconship and the simultaneous commencement of its employment. The M/V Iconship is on a time-charter with Costamare Bulkers, Inc. for ~22 months. The daily hire is based at a premium over the Baltic Capesize Index (BCI). The company has the option to convert the daily hire from index-linked to fixed for a period of two to twelve months based on prevailing Capesize forward freight agreements (FFA).

M/V Lordship. The M/V Lordship, a scrubber-fitted Capesize dry bulk vessel built in 2010, has also been fixed on a time-charter with Costamare. The time-charter is expected to commence around the end of July, following the vessel’s scheduled drydocking, for a period of ~22 months.


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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. 

CoreCivic, Inc. (CXW) – Updated Model

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, July 10, 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.

Model Updates. We updated our model to reflect the upcoming loss of the South Texas contract in mid-August. While a significant loss, we believe the ongoing increase in ICE detainees elsewhere could help soften the South Texas blow and we remain hopeful additional state and local contracts could be signed.

Details. As a reminder, South Texas generates approximately $40 million in quarterly revenue and generates approximately $0.10 per share in quarterly EPS. We assumed half of a quarter impact for 3Q24 and a full quarter impact in 4Q24. We kept the majority of the rest of the model consistent, although there may be some cost savings initiatives CoreCivic is able to put in place. We held our 2Q24 estimates the same.


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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) – Strengthening the Balance Sheet

Posted on by cpereira@noblefcm.com


Wednesday, July 03, 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.

Facility Sale. Last night after the market closed, NN disclosed the sale of its lone plastics products plant, known as Industrial Molding Corporation (IMC), to Davalor Mold Company, a wholly owned portfolio company of Blackford Capital. Total net cash proceeds will be approximately $16 million. The business was non-core to NN.

Use of Proceeds. NN will use the net proceeds from the sale to pay down debt. At the end of the first quarter, NN had $151.5 million of long-term debt outstanding. All else equal, we would anticipate the Company to pay down its term loan, which had an all in interest rate of 14.3% at the end of 1Q, compared to the ABL rate of 7.42%. A $16 million payment would result in over $2 million of interest cost savings.


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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. 

Haynes International (HAYN) – Key U.S. Regulatory Approval; Updating Estimates

Posted on by cpereira@noblefcm.com


Monday, July 01, 2024

Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.

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.

Key U.S. regulatory approval. Haynes International announced that clearance has been obtained from the Committee on Foreign Investment in the United States (CFIUS) related to the planned merger with North American Stainless, Inc. The merger remains subject to approvals from regulatory authorities in the United Kingdom and Austria. All other regulatory approvals and clearances have been obtained where the applicable authorities have asserted jurisdiction. The company continues to expect that the merger will close in the fourth calendar quarter of 2024.

Chief Operating Officer appointment. Mr. Marlin (Marty) Losch has been named Chief Operating Officer, a newly created role, and will have responsibility for all commercial and operational activities. Mr. Losch joined the company in 1988 and previously served as Vice President of Sales and Distribution. Mr. Losch has held various positions of increasing responsibility in marketing, quality engineering, and production. Mr. Losch’s expanded role should be helpful to Mr. Michael Shor, President and CEO, as Mr. Shor focuses more attention on closing the company’s merger with North American Stainless Inc, a division of Acerinox S.A. Additionally, we expect the appointment to enhance post transaction integration.


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FreightCar America (RAIL) – Poised for Greater Scale and Margin Expansion

Posted on by cpereira@noblefcm.com


Friday, June 28, 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.

Initiating coverage with an Outperform rating. FreightCar America, Inc. is a diversified manufacturer of railroad cars and rail car components. The company designs and manufactures a broad variety of railroad car types for the transportation of bulk commodities and containerized freight products primarily in North America. These include open top hoppers, covered hoppers, gondolas, and intermodal and non-intermodal flat cars. FreightCar America and its predecessors have been manufacturing railroad cars since 1901.

Unique competitive advantages. FreightCar America is a pure play manufacturer that has unique manufacturing capabilities that allow it to respond to customer orders with short lead times due to its ability to set up a production line to batch produce orders and quickly change over to the next line for a different product type. Its engineering capabilities allow it to offer tailored solutions in areas unmet by competitors.


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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.