Haynes International (HAYN) – Acquisition Expected to Close in the Fourth Calendar Quarter of 2024


Monday, June 03, 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.

Merger receives regulatory scrutiny in the United Kingdom and in Austria. The Competition and Markets Authority in the United Kingdom (CMA) intends to conduct a formal investigation into Haynes’ proposed merger with North American Stainless, Inc., a wholly owned subsidiary of Acerinox S.A. This follows the Austrian Federal Competition Authority’s referral to the Austrian Cartel Court for a Phase II investigation of the transaction (See our research note dated May 3).

Closing expected in the fourth calendar quarter of 2024. Haynes’ management remains optimistic that the regulatory reviews will be positively resolved, and the required clearances will be obtained. Based on the expected timeline of the U.K. formal investigation and the Austrian Phase II investigation, Haynes now expects the merger will close in the fourth calendar quarter of 2024. While the timeline has been extended one calendar quarter, we remain confident that the new timeline will allow enough time for both examinations to run their course with outcomes that support a fourth calendar quarter closing.


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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) – First quarter results hurt by drydocking and vessel damage


Wednesday, May 22, 2024

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

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

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

Voyage days were down due to drydocking and damage. Two vessels were drydocked, removing the ships from 52 days of service. A damaged boiler on one of the vessels took the ship offline 18 days longer than expected. Decreased utilization meant lower-than-expected revenues.

Drydocking also led to higher costs. Costs rose due to increased drydocking. Fortunately, the boiler repairs will be covered by insurance (not lost days however). Financing costs declined with debt repayment and are poised to drop lower as debt repayments decrease.


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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) – Increasing its Repurchase Program


Wednesday, May 22, 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.

Ability to Buy More Shares. On Monday, CoreCivic filed a form 8-K stating that on May 16, 2024, the Board of Directors authorized an increase of $125 million to the Company’s share repurchase program. The approval raised the overall program to $350 million of common stock. We believe the increase continues management’s philosophy of being opportunistic in repurchases while maintaining a leverage goal of 2.25x-2.75x.

Program’s History. The Board originally approved the share repurchase program in May 2022 for $150 million. The program has since been increased twice, once in August 2022 to $225 million, and now in Monday’s filing. Since the beginning of the program, management has repurchased 13.3 million shares at an average price of approximately $11.99 per share for a total purchase price of $159.3 million. Including the additional authorization, there is approximately $190.7 million remaining under the program.


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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. 

Release – V2X Sites Earn Top Honors by Defense Information Systems Agency

Research News and Market Data on VVX

MCLEAN, Va., May 20, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) is proud to announce that multiple sites under its operations within the Department of Defense Information Network have been named Facility of the Year by the Defense Information Systems Agency (DISA). These awards recognize exceptional performance across all aspects of the programs.

The DISA Defense Information Systems Network (DISN) Facility of the Year recognizes outstanding DISN facilities for exemplary accomplishments, performance, and contributions made to enhance the effectiveness in which the Department of Defense Information Network is operated, secured, and managed.

Three V2X locations emerged as winners with an additional four earning recognition as runners-up. The three V2X locations were chosen as winners support the Operations, Maintenance and Supply-Europe (OPMAS-E) program, the Enterprise Legacy Voice and Information System (ELVIS) program and the Operations, Maintenance and Defense of Army Communications (OMDAC) program.  

“We are deeply honored by the recognition of multiple V2X locations and remain committed to our ongoing commitment to provide enhanced reliability and protection of vital DoD networks across the globe,” said Ken Shreves, Senior Vice President of Global Mission Solutions and Chief Service Delivery and Growth Officer at V2X. “The contributions of OPMAS, OMDAC, and ELVIS to the DISA mission are paramount, and we take great pride in their steadfast dedication to delivering around the clock mission critical IT and communications support in over 10 countries.”  

The Facility of the Year winners include:

  • Europe Red Switch (ELVIS)
  • Europe Facility Control Office (OPMAS-E)
  • DISA CENT Large Transmission (OMDAC)

The Facility of Year Runners-Up are:

  • Europe Small Ankara (ELVIS)
  • Europe Medium Mildenhall (ELVIS)
  • Europe Large Landstuhl (OPMAS-E)
  • Europe Red Switch Patch Barracks (OPMAS-E)

DISA is a combat support agency of the Department of Defense (DoD) and provides, operates, and assures command and control and information-sharing capabilities and a globally accessible enterprise information infrastructure in direct support to joint warfighters, national level leaders, and other mission and coalition partners across the full spectrum of military operations.

About V2X

V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. Our lifecycle solutions improve security, streamline logistics, and enhance readiness. The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 16,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.

Media Contact
Angelica Spanos Deoudes
Director, Corporate Communications
Angelica.Deoudes@goV2X.com
571-338-5195

Investor Contact
Mike Smith, CFA
Vice President, Treasury, Corporate Development and Investor Relations
IR@goV2X.com
719-637-5773

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-sites-earn-top-honors-by-defense-information-systems-agency-302149793.html

SOURCE V2X, Inc.

Seanergy Maritime (SHIP) – Strong results give us room to raise our target again


Thursday, May 16, 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”.

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

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

Favorable results reflect higher pricing and an expanding fleet. Higher TCE rates reflect increased steel and coal activity as well as increased demand for shipping days due to disruptions in the Red Sea. Management used the favorable environment to lock in pricing for additional operating days in 2024. Management also announced the purchase of its 19th ship.

Strong cash flow allowed the company to pay a special dividend and pay down debt. The company is committed to return proceeds to shareholders though dividends and share repurchases. It made a modest reduction of debt during the quarter, helping to lower financing costs. Interest costs will most likely rise with the next ship purchase.


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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) – Q1 in Line, Reaffirming Outlook


Wednesday, May 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.

Solid Q1 results. The company reported Q1 revenue of $19.0 million and an adj. EBITDA loss of $4.5 million, both of which were in-line with our estimates of $20.0 million and a loss of $4.5 million, respectively. Notably, the company is poised to benefit from several strategic partnerships with large industry players and has entered into an agreement with a homebuilder that is building 1,000 homes. 

Favorable strategic partnerships. We believe the company’s strategic partnerships with industry leaders should contribute to strong revenue growth and market penetration. Notable partnerships include a five-year licensing partnership with General Electric (GE), as well as partnerships with industry leading lighting companies, Kichler, Quoizel, and Golden lighting.


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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. 

V2X (VVX) – A Leadership Transition


Tuesday, May 14, 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, 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.

A New CEO. Yesterday, V2X announced Jeremy Wensinger has been appointed President, Chief Executive Officer, and a member of the Company’s Board of Directors, succeeding Chuck Prow effective June 17, 2024. According to the Company, this leadership change is the result of a thorough Board-led succession planning process designed to ensure a smooth transition and continue V2X’s positive business momentum.

Board Statement. V2X’s Board noted, “Following a thorough process to identify our next CEO, the Board is confident that Jeremy is a strong, experienced leader for V2X’s next chapter of growth. He has a proven track record of delivering best-in-class financial and operational performance within the broad defense services and aerospace industry, as well as a strategic approach to managing businesses, building strong stakeholder relationships, and creating value.”


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Kelly Services (KELYA) – Post Call Commentary and Updated Model


Tuesday, May 14, 2024

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

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

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

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

Operating Environment.  The operating environment remains relatively unchanged in terms of the overall macro environment, the availability of top talent, labor force participation, quit rates, and some other key labor factors. We continue to believe Kelly is well positioned to capitalize on any improvement in the operating environment.

Adjusted EBITDA Margin. The sale of the lower margin European Staffing business combined with management’s focus on cost reduction is showing up in the financial results, with adjusted EBITDA margin up 120bp year-over-year. We expect a similar improvement in 2Q24 and the MRP acquisition likely will drive margins even higher.


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CoreCivic, Inc. (CXW) – Best Revenue in 18 Quarters


Monday, May 13, 2024

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

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

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

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

ICE Pops. After topping out at over 39,000 in late February, ICE detainee population fell to about 36,900 by quarter’s end, finally bottoming out in late April in the low 34,000 level before rising once again over the past few weeks. CoreCivic ICE pops followed a similar pattern ending last week at 10,310.

Margins. With higher populations across federal, state, and local partners, higher occupancy rates, normalizing staffing cost and inflation, and per diem increases, operating margin improved once again in 1Q24. We anticipate additional improvement in 2024. Safety segment operating margin rose 210bp to 23.5%, while Community segment operating margin rose 1,120bp to 27.7%.


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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. 

Release – SKYX Announces First Quarter 2024 Corporate Update Call

Research News and Market Data on SKYX

Company to Present First Quarter 2024 Financial Results; Conference Call to be held on Tuesday, May 14 at 4:30 p.m. Eastern Time

MIAMI, May 09, 2024 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a “SKYX Technologies”), a highly disruptive platform technology company with over 90 pending and issued patents globally, and over 60 lighting and home décor websites with a mission to make homes and buildings become safe-advanced and smart as the new standard, announced today that it will host a corporate update call and discuss first quarter 2024 financial results. The conference call will be held on Tuesday, May 14, 2024, at 4:30 pm Eastern Time.

SKYX Participating Members Will Include:

Rani Kohen, Founder and Executive Chairman

Steve Schmidt, SKYX President (Former President of Office Depot International and former CEO of Nielsen Data Corporation)

Lenny Sokolow, Co-CEO

Marc Boisseau, CFO

SKYX Platforms Corp. Corporate Update Call

Date: Tuesday, May 14, 2024

Time: 4:30 p.m. Eastern time

U.S./Canada Dial-in: 1-877-269-7751

International Dial-in: 1-201-389-0908

Conference ID: 13746690

Webcast: SKYX Q1 2024 Webcast

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

A playback of the call will be available through Friday, June 14, 2024. To listen, call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally. Please use the replay pin number 13746690. A webcast will also be available by clicking here: SKYX Q1 2024 Webcast.

About SKYX Platforms Corp.

As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 90 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.

Forward-Looking Statements

Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.

Investor Relations Contact:

Jeff Ramson

PCG Advisory

jramson@pcgadvisory.com

Kratos Defense & Security (KTOS) – A Closer Look at the Great Quarter


Friday, May 10, 2024

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

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

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

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

Performance Drivers. Contributing to the first quarter’s strong performance included particularly solid performance in unmanned systems, air defense, propulsion systems, turbine technologies, and the microwave electronics businesses, as well as production and delivery on certain programs that were executed earlier in the year than initially expected.

Events Favor Kratos. With the federal budget finally passed, increased funding has been allocated to areas which are right in Kratos’ sweet spot while ongoing world events, especially in the Ukraine and Middle East are highlighting the need for Kratos products, both of which we believe will drive growth for the Company.


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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) – First Look at 1Q24


Friday, May 10, 2024

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

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

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

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

1Q24. There are a lot of moving parts, with the sale of the European staffing business and some one-time expenses. On an organic basis, revenue declined 2.6% y-o-y to $945.6 million due to ongoing soft demand, although the Education segment grew 16.2% y-o-y. Adjusted EBITDA margin was up 110bp to 3.2% driven by the sale of the European business and ongoing expenses reduction initiatives. Adjusted net earnings rose to $20.3 million, or $0.56/sh, from $15.9 million, or $0.42/sh in 1Q23.

GAAP Results. Revenue of $1.05 billion declined 17.6% (17.7% decline on constant currency basis) from last year. Gross profit rate was down 30bp to 19.7% y-o-y with mix and lower permanent placement fees offsetting the benefit from the sale of the European staffing business. Operating earnings of $26.8 million rose 150.2%. Net income was $25.8 million, or $0.70/sh, versus $10.9 million, or $0.29/sh in the prior 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) – Raw Material Headwinds Persist


Friday, May 10, 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.

Second quarter financial results. Haynes reported second-quarter fiscal 2024 net income of $8.6 million or $0.66 per share compared to $12.3 million or $0.96 per share during the prior year period. Adjusted EBITDA was $18.0 million compared to $22.4 million during the prior year period and declined as a percentage of net revenues. While the company experienced revenue growth in its core aerospace and industrial gas turbine markets, the quarter was negatively impacted by decreasing nickel prices which reduced gross margins, along with lingering impacts from the unplanned hot mill outage in the first quarter. The estimated negative impact from raw material volatility in the second quarter was $5.3 million.

Updating estimates. We have lowered our 2024 EBITDA and EPS estimates to $79.3 million and $3.13 from $84.8 million and $3.50, respectively. The revisions reflect recent earnings results and lower margins in the second half of the year. Our 2025 EBITDA and EPS estimates were reduced to $103.9 million and $4.40 from $104.5 million and $4.45.


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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.