Tag: Industrial

AZZ Inc (AZZ) – Improving margins lead management to bump up guidance

Posted on by cpereira@noblefcm.com


Thursday, January 11, 2024

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.

Sales grew as expected as we head into the slower, winter months. Sales in the most recent quarter rose 2.2% year over year with Metal Coatings sales increasing 3.1% and Precoat Metal sales growing 1.6%. Management cited a shift from plastic to aluminum material and tail winds from the 2021 Infrastructure Investment and Jobs Act.

Margins continue to improve with the shift towards Metal Coatings business and operational efficiencies. EBITDA margins grew to 22.6% of sales versus 18.5%. The improvement reflects operational efficiencies and higher growth for the higher margin Metal Coating business.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Great Lakes Dredge & Dock (GLDD) – A “Reset” on Empire II

Posted on by cpereira@noblefcm.com


Friday, January 05, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, 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 Termination. Coming as no surprise, European energy firms Equinor and BP announced an agreement with the New York State Energy Research and Development Authority to terminate the Offshore Wind Renewable Energy Certificate Agreement for the Empire Wind II project. As we previously noted, rising inflation, higher borrowing costs, and supply chain issues combined to negatively impact potential returns from the project. Termination of the Empire Wind II project initiates a contractually obligated termination fee payable to Great Lakes and Van Oord that is intended to cover lost earnings potential related to Empire Wind II.

But A Reset. But all is not lost, as Equinor and BP can re-submit the project on more acceptable terms. With the state supporting offshore wind projects, we believe there remains a strong chance the project is revived in some form. Winners of an expedited solicitation for offshore wind will be announced in February.


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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. 

Kelly Services (KELYA) – Completes Sale of European Staffing Business

Posted on by cpereira@noblefcm.com


Thursday, January 04, 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.

European Staffing Sale. Yesterday, Kelly Services announced the completion of the sale of its European staffing business to Gi Group Holdings S.P.A. Kelly previously announced on November 2, 2023, that it had entered into a definitive agreement to sell the business to Gi. Kelly is retaining its global footprint and will continue to provide higher margin, higher growth potential MSP, RPO, and FSP solutions to customers in the EMEA region through KellyOCG.

Details. Kelly received cash proceeds of €100 million upon closing the transaction. An additional up to €30 million of proceeds from an earnout provision based on a multiple of an adjusted 2023 EBITDA measure would be payable in the second quarter of 2024 if achieved. Cash proceeds are expected to be redeployed in pursuit of growth through organic and inorganic investments. The Company has not disclosed the financial impact of removing the International Staffing business to the income statement, but we expect a disclosure by the fourth quarter conference call.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Great Lakes Dredge & Dock (GLDD) – New Awards to Finish the Year

Posted on by cpereira@noblefcm.com


Wednesday, January 03, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, 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.

More Awards. Last week, Great Lakes announced several new awards totaling $173.7 million. We previously covered some of the awards in the press release (Great Egg Harbor Inlet Beach Renourishment Project, St. Augustine Shore Protection Project, and Duval County Shore Protection Beach Renourishment Project), so we will focus on the awards previously not covered. Great Lakes continues to receive new awards for 2024 and beyond, continuing its momentum.

Largest Award. The largest award is the $62.8 million Sabine-Neches Waterway Channel Improvement Project-Phase 1 for dredging for channel deepening along the Sabine-Neches Waterway from Sabine Bank Channel to Sabine Pass Channel. Work is expected to commence in Southeast Texas in the first quarter of 2024 with an estimated completion in the fourth quarter of 2024.


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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. 

Great Lakes Dredge & Dock (GLDD) – Some More Business

Posted on by cpereira@noblefcm.com


Tuesday, December 19, 2023

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, 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.

Continued Momentum. Great Lakes Dredge & Dock received some additional awards, according to the Department of Defense daily contract release. While value of one of the awards is more nuanced than the DOD release statement, combined, the two recent awards total some $66 million over a three-year period. Great Lakes continues to build momentum in securing new business, which will bode well for 2024 and beyond.

Jacksonville. Yesterday, the U.S. Army Corps of Engineers awarded Great Lakes a $32.4 million firm-fixed-price contract for shore protection and beach renourishment. Work will be performed in Jacksonville, Florida, with an estimated completion date of October 13, 2024. Fiscal 2023 civil construction funds in the amount of $32.4 million were obligated at the time of the award.


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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. 

The GEO Group (GEO) – Extension of Credit Facility

Posted on by cpereira@noblefcm.com


Monday, December 18, 2023

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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.

Amendment to Facility. Last week, GEO announced the Company closed on a Refinancing Revolving Credit Commitments Amendment to its Credit Agreement dated August 19, 2022. The amendment provides the refinancing of all of GEO’s outstanding revolving credit facility commitments.

Terms of the Amendment. The amendment provides for approximately $265 million in refinancing revolving credit commitments maturing on March 23, 2027. Prior to the amendment, a portion of the Company’s revolving credit commitments matured on May 17, 2024. The interest rate on outstanding revolving credit loans are determined with reference to the Company’s total leverage ratio. As of the release, the rate is a SOFR based rate (or roughly 5.31% as of December 15, 2023) plus 3.00% per annum. The Company currently has no outstanding borrowings under its revolving credit facility, as amended.


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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. 

V2X (VVX) – NobleCon19 Presentation Notes

Posted on by cpereira@noblefcm.com


Thursday, December 14, 2023

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.

NobleCon19. V2X CEO Chuck Prow presented at NobleCon19. Highlights included are its backlog, organic growth strategy through its segments in Aerospace Solutions, Advanced Technology, and Global Mission Training & Sustainment, and reducing debt. A rebroadcast is available at https://www.channelchek.com/videos/v2x-noblecon19-replay.

Backlog. The Company’s total backlog is about $13.3 billion, a record for V2X, and translates to approximately three years of revenue, based on the Company’s revenue guidance mid-point. The backlog also does not have any single contract re-compete risk of more than 2% of revenue for the next 24 months.


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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. 

The GEO Group (GEO) – NobleCon19 Presentation Notes

Posted on by cpereira@noblefcm.com


Thursday, December 14, 2023

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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.

NobleCon19. The GEO Group CFO Brian Evans presented at NobleCon19. Highlights included the ongoing rise in detainee populations, the continuing challenges of aging facilities and staffing for state correctional agencies, and GEO’s debt reduction efforts. A rebroadcast is available at https://www.channelchek.com/videos/the-geo-group-noblecon19-replay.

Populations. ICE populations move upward and, with recent requests for additional beds, GEO should see incremental benefit, in our view. Border crossings are not slowing to any significant degree, suggesting the the need for additional private sector beds could have a longer tail than expected.


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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. 

Orion Group Holdings (ORN) – NobleCon19 Presentation Notes

Posted on by cpereira@noblefcm.com


Wednesday, December 13, 2023

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.

NobleCon19. Orion Group Holdings CEO Travis Boone and CFO Scott Thanisch presented at NobleCon19. Management highlighted recent improvements at the Marine and Concrete segments and the strategy for growth. A rebroadcast is available at https://www.channelchek.com/videos/orion-group-holdings-noblecon19-replay.

Marine Segment. Orion’s Marine segment is being provided with some tailwinds for growth, including U.S. Navy expansion in the Pacific with Orion’s contract award earlier in the year, and port expansion and maintenance, among other events. The segment also carries a diversified revenue base, with 46% being in private customers and the remaining 54% being the government (34% state and local, 20% federal).


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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. 

Great Lakes Dredge & Dock (GLDD) – NobleCon19 Presentation Notes

Posted on by cpereira@noblefcm.com


Wednesday, December 13, 2023

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, 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.

NobleCon19. Great Lakes CEO Lasse Petterson and CFO Scott Kornblau presented at NobleCon19. Highlights included record backlog, the improving quality of the Company’s backlog, and the opportunity the wind market is providing for Great Lakes. A rebroadcast is available at https://www.channelchek.com/videos/great-lakes-dredge-dock-noblecon19-replay.

Size of Backlog. Great Lakes’ backlog is at a record $1.03 billion and consists of roughly 71% in capital projects. The bid market has continued to remain strong, as year-to-date, the market has totaled $1.8 billion compared to $1.3 billion for all of last year and a $1.4 billion five year average. The Company expects the market to grow to $2 billion by the end of the 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. 

The GEO Group (GEO) – Senior Leadership Shuffle

Posted on by cpereira@noblefcm.com


Friday, December 01, 2023

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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.

New CEO. Yesterday, GEO announced Brian Evans, who has been with the Company for 23 years and has served as the Company’s Chief Financial Officer for 14 years, has been appointed Chief Executive Officer, effective January 1, 2024. Current CEO Jose Gordo is transitioning to an advisor role, by mutual agreement. Given Mr. Evans’ familiarity with GEO and his strong performance as CFO, we believe this is a strong choice for the Company.

Zoley Term. Company founder and Executive Chairman George Zoley will step down as Executive Chairman as of June 30, 2026, the end of his current employment term. Mr. Zoley then will transition into the role as an advisor to the Company, while continuing to serve as the Company’s non-Executive Chairman of the Board of Directors.


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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) – New Awards; Raising PT to $22

Posted on by cpereira@noblefcm.com


Monday, November 27, 2023

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

Joe Gomes, Managing Director, 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 Contracts. Kratos has been awarded some additional significant contracts over the past two weeks, maintaining the momentum of award receipt over the past couple of quarters. We believe the new awards demonstrate the Company’s multi-sector capabilities.

Award 1. Kratos received a single-award, indefinite-delivery/indefinite-quantity contract with a ceiling value of $579 million for the Command-and-Control System Consolidated (CCS-C) Sustainment and Resiliency. Space Systems Command (SSC) is the contracting activity for the award. Kratos will sustain and provide post-production development for the current CCS-C system for telemetry, tracking and commanding of current and future military communication satellites.


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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. 

Haynes International (HAYN) – Updating Estimates; Outlook Remains Favorable

Posted on by cpereira@noblefcm.com


Monday, November 20, 2023

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.

Fourth quarter and fiscal year 2023 financial results. Haynes reported fourth-quarter net income of $13.1 million or $1.02 per share compared to $16.3 million or $1.30 per share during the prior year period. Fiscal year 2023 net income was $42.0 million or $3.26 per share compared to $45.1 million or $3.57 per share during the prior period. We had forecast fourth quarter and fiscal year 2023 net income of $12.4 million and $41.1 million, respectively, or $0.97 per share and $3.22 per share. Compared to the prior year periods, fourth quarter and fiscal year net revenues increased by 11.7% and 20.3%, respectively, to $160.6 million and $590.0 million. On a year-over-year basis, the product average selling price during the fourth quarter and fiscal year increased 11.5% and 14.9%, respectively. Fiscal year 2023 adjusted EBITDA increased to $79.0 million compared to $77.4 million in fiscal year 2022.

Updating estimates. While our 2024 EPS estimate remains $4.50, we have made some quarterly adjustments. Revenue and earnings in the first quarter of fiscal 2024 are expected to be higher compared to the first quarter of fiscal 2023, but lower than the fourth quarter of fiscal 2023. First quarter results are generally lower due to holidays and planned equipment maintenance. Additionally, management expects commodity price fluctuations to have a greater negative impact in the first quarter of fiscal 2024 than in the fourth quarter of fiscal year 2023. We project fiscal 2024 EBITDA of $100.3 million compared to our $104.3 million estimate.


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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.