Industrial Archives - Page 29 of 33

Orion Group Holdings (ORN) – Becoming Lighter

Posted on June 27, 2023June 27, 2023 by cpereira@noblefcm.com

Tuesday, June 27, 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.

More Leasebacks. Orion Group Holdings announced that the Company has entered into two real estate sale-leaseback transactions for a total value of $20.3 million. The agreements are for the Company’s Baytown Pipe Yard property in Baytown, Texas and Port Lavaca South Yard property located in Port Lavaca, Texas.

Terms and Usage. The Baytown Pipe Yard property agreement is for $8.3 million and the transaction is expected to close no later than the fourth quarter of 2023. The Port Lavaca South Yard property agreement is for $12.0 million but no expectation on its closing was given. The usage of the proceeds for both the agreements will be to reduce debt and for general corporate purposes.

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Release – CVG Added to Membership Of The Russell 2000® Index

Posted on June 26, 2023June 26, 2023 by aweinsoff@channelchek.com

Research News and Market Data on CVGI

JUNE, 26, 2023

NEW ALBANY, Ohio, June 26, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI), a diversified industrial products and services company, was added to membership of the US small-cap Russell 2000® Index as part of the 2023 Russell indexes reconstitution. Membership in the Russell 2000® Index is effective after the US market opens on June 26, 2023 and remains in place for one year. The stock was also automatically added to the appropriate growth and value indexes.

“We are pleased to have been added as a member of the U.S. small-cap Russell 2000® Index, one of the most widely cited performance benchmarks for emerging U.S. companies,” commented Andy Cheung, Chief Financial Officer. “As we continue to focus on strategy execution and operational excellence, we look forward to expanding our reach within the investment community.”

About CVG

At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20.1 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit http://www.ftserussell.com.

Investor Relations Contact:
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

Release – Orion Group Holdings Strengthens Liquidity Position

Posted on June 26, 2023June 26, 2023 by aweinsoff@channelchek.com

Research News and Market Data on ORN

Jun 26, 2023

Executes two real estate sale-leasebacks for total transaction value of $20.3 million

HOUSTON, June 26, 2023 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced two real estate sale-leaseback transactions for a total value of $20.3 million.

The Company entered into a sale-leaseback agreement for its Baytown Pipe Yard property in Baytown, Texas. The purchase price is $8.3 million, and the transaction is expected to close no later than the fourth quarter of 2023. In addition, the Company announced it closed on the sale-leaseback transaction for its Port Lavaca South Yard property located in Port Lavaca, Texas for a purchase price of $12.0 million. Proceeds from both transactions will be used to reduce debt and for general corporate purposes.

Travis Boone, Chief Executive Officer of Orion Group Holdings, Inc., commented, “A key element of our strategic plan to improve our financial and operational performance has been to monetize our real estate assets. These transactions provide us with over $20 million to invest in growing Orion. We are excited to demonstrate continued progress against our plan to create long-term value for our shareholders.”

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. https://www.oriongroupholdingsinc.com.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, and our ability to negotiate and obtain the refinancing of our credit facility, the terms, restrictions, and covenants of our refinancing, and the timing of such refinancing, are forward-looking statements. Forward-looking statements also include project award announcements, estimated project start dates, anticipated revenues, and contract options which may or may not be awarded in the future. Forward-looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, the effects of the ongoing COVID-19 pandemic, and any potential contract options which may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.

Please refer to the Company’s 2022 Annual Report on Form 10-K, filed on March 16, 2023, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Contacts:
Financial Profiles, Inc.
Margaret Boyce 310-622-8247
mboyce@finprofiles.com

Kratos Defense & Security (KTOS) – A Successful Test and Expansion of Capabilities

Posted on June 23, 2023June 23, 2023 by cpereira@noblefcm.com

Friday, June 23, 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.

A Busy Week. Kratos had two announcements this week, including the Company’s successful static test of its new Zeus 1 rocket motor at Aerojet Rocketdyne’s Camden, Arkansas facility and an expansion of the Company’s Space Domain Awareness (SDA) network locations into India.

Zeus 1 Motor. Kratos’ Zeus 1 motor is an affordable commercial solid rocket motor (SRM) in development, with the SRM being able to operate as launch vehicle stages for Kratos’ research, hypersonic, ballistic missile target, and “other” vehicles. The preliminary hardware and data inspection of the test showed the robustness of the motor design and its applicability for multiple customer applications. The Zeus 1 is one of two solid rocket motors being developed and funded, with the larger Zeus 2 motor scheduled for static test later this year.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

CoreCivic, Inc. (CXW) – Two Sides of a Coin

Posted on June 15, 2023June 15, 2023 by cpereira@noblefcm.com

Thursday, June 15, 2023

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.

A Renewal. CoreCivic entered into a lease agreement with the Oklahoma Department of Corrections (ODOC) for the company-owned, 1,670-bed Davis Correctional Facility (DCF), which the Company currently operates under a management contract with ODOC that is currently scheduled to expire on June 30, 2023. The new lease agreement includes a base term commencing October 1, 2023, with a scheduled expiration date of June 30, 2029, and unlimited two-year renewal options.

But. While CoreCivic retained a client, it went from a management contract to a lease. Previously, under the May 2021 management contract terms, we estimate the facility was generating north of $30 million in annual revenue (assuming full occupancy), while the under the lease agreement this declines to $7.5 million. However, gross margins on Properties segment agreements run in the high 70% range, compared to gross margins in the low 20% range for Safety segment managed locations.

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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).

Kratos Defense & Security (KTOS) – $46.7 Million Navy Award

Posted on June 6, 2023June 6, 2023 by cpereira@noblefcm.com

Tuesday, June 06, 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.

Navy Award. Yesterday, Kratos announced it was awarded a contract by the Naval Surface Warfare Center Dahlgren Division (NSWCDD) for thermo-mechanical and aerothermal ground testing of thermal protection system materials in ballistic reentry and reentry-like environments in its Kratos SRE business unit in Birmingham, Alabama. The five-year contract includes options with a total value up to $46.7 million, with an initial award of $8.6 million under a cost-plus-fixed-fee contract.

Details. Under the award, Kratos will test materials supporting technical efforts for the U.S. and the U.K. with direct oversight from the NSWCDD Reentry Systems Office. The contract enables Kratos SRE to conduct ground testing of thermal protection materials at external ground test facilities and produce flight hardware for the Navy. It requires the unique ability to test and collect data at maximum temperatures of 5,500 degrees Fahrenheit to properly test materials in reentry-like environments.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

V2X, Inc. (VVX) – Training Systems Acquisition IV

Posted on June 5, 2023June 5, 2023 by cpereira@noblefcm.com

Monday, June 05, 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.

On the List. Last week, V2X was one of three dozen firms awarded a spot on the $32.5 billion Training Systems Acquisition IV ID/IQ contract to provide for the analysis, design, development, production, installation, integration, test, and sustainment for Air Force training systems encompassing complex aircrew, maintenance, and system-specific training systems in support of warfighter training at operating locations worldwide. Work will be performed in the contiguous U.S. and worldwide, and is expected to be completed by May 31, 2033.

More Opportunity. TSA IV is a significant upgrade over the $20.9 billion ceiling under TSA III, but, even more importantly, V2X can leverage the combined Vectrus/Vertex capabilities to bid on a wider range of task orders under the contract. According to V2X, the old Raytheon Technology and Training Solutions segment (purchased by Vertex in 2021) had a seat on TSA III but did not have any work.

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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).

The GEO Group (GEO) – Meetings With Management

Posted on May 31, 2023May 31, 2023 by cpereira@noblefcm.com

Wednesday, May 31, 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.

NDRS. We hosted GEO CEO Jose Gordo, CFO Brian Evans, and EVP Pablo Paez for two days of well attended investor meetings in Florida last week. In addition to the normal overview of the business, management provided some commentary on the early days of post Title 42.

Perspective. While news headlines made much noise about daily border crossings being below the pre-May 11th 10,000 daily level, the roughly 5,000 daily level would be a record level sans the pre-May 11th 10,000 number. And the 5,000/day level still translates into over 1.8 million people annually.

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Great Lakes Dredge & Dock (GLDD) – A $157.4 Million Award for Freeport Harbor Channel

Posted on May 31, 2023May 31, 2023 by cpereira@noblefcm.com

Wednesday, May 31, 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.

New Award. Yesterday, Great Lakes was awarded a $157.4 million firm-fixed-price contract for new and maintenance hopper dredging of the Freeport Harbor Channel, according to the Department of Defense daily contract award release. This was one of the more significant capital markets projects expected to be awarded this year.

Confirmation. In the first quarter call, management had noted that the Company was the apparent low bidder for the award and yesterday’s announcement should be confirmation. This would be the third largest domestic capital project award in the Company’s history. While it typically takes up to 3 months for work to begin, this award will help improve fleet utilization in the back half of 2023 and into 2024, in our view.

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Orion Group Holdings (ORN) – Refinancing Completed; A Sale/Leaseback of Equipment

Posted on May 17, 2023May 17, 2023 by cpereira@noblefcm.com

Wednesday, May 17, 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.

Refinancing. Yesterday, as widely expected, Orion closed on its debt refinancing. The new 3-year $103 million senior secured asset based credit facility with White Oak ABL, LLC and White Oak Commercial Finance, LLC consists of a $65 million asset based revolving credit facility and a $38 million fixed asset term loan. The new credit facility replaces the Company’s previous $42.5 million revolver.

Terms. The Revolver will initially bear interest at a rate of the 30-day SOFR plus 5.5% and the Term Loan at a rate of the 30-day SOFR plus 8.0%, subject to a SOFR floor of 4.0%. At a current 4.91% SOFR rate, this implies rates of approximately 10.4% and 12.9%. Orion was paying 10.2% on its previous credit line. At closing, the Company made an initial Revolver draw of $9.5 million.

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Euroseas (ESEA) – Euroseas largely booked out, but is still a play on rising rates because of newbuilds

Posted on May 17, 2023May 17, 2023 by cpereira@noblefcm.com

Wednesday, May 17, 2023

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

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.

First-quarter results largely as expected. Financial results continue to suffer the effects of a sharp decline in TCE rates over the last twelve months. While Euroseas has locked in 91% of remaining shipping days in 2023, those rates eventually roll off and get replaced with lower rates. The Aegean Express ended a contract at $41,000/day, which was replaced by a rate of $13,000/day. Four other ships with rates in the high $20,000’s/day will roll off in the second half of the year.

Shipping rates are improving and could go higher. Shipping rates appear to have bottomed out in February. Current rates for 1,700 TEU and 2,500 TEU ships have risen to $16,800/day and $18,750/day, respectively, returning to a point above the ten-year trailing average and Euroseas’ breakeven cash operating point. We believe rates will move even higher should global economic concerns abate and the war in Ukraine comes to an end.

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EuroDry (EDRY) – Shipping rates bottoming out and that’s good news for EuroDry

Posted on May 16, 2023May 16, 2023 by cpereira@noblefcm.com

Tuesday, May 16, 2023

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.

EuroDry reported weak 2023-1Q results due to lower shipping rates, largely as expected. The EuroDry fleet ran near full capacity but did so at much lower rates. The average TCE rate for the quarter was $10,674 down 57% versus last year and below our expectations. EuroDry typically only books out less than half of the days beyond the upcoming quarter making it more sensitive to spot shipping rates than most shipping companies.

Operating costs were generally in line except for voyage expenses. Operating costs for the quarter rose relative to the same period last year and the previous quarter. The increase can largely be attributed to a rise in voyage expenses. Management indicated the increase was due to “expenses incurred by one of our vessels while employed under a voyage charter.” This is in contrast to the previous year when the company recognized “a gain on bunkers” of $1.0 million. The company has traditionally booked a gain in the voyage expense line.

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Kelly Services (KELYA) – First Quarter 2023 Results

Posted on May 15, 2023May 15, 2023 by cpereira@noblefcm.com

Monday, May 15, 2023

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.

1Q23. Revenue of $1.27 billion was down 2.2% year-over-year (down 1.4% in constant currency). We were at $1.23 billion. Kelly took a $5.7 million restructuring charge during the quarter. GAAP net income was $10.9 million, or EPS of $0.29/sh, compared to a GAAP loss of $47.6 million, or a loss of $1.23/sh, last year. Adjusted EPS for 1Q23 was $0.40 versus $0.44 last year. We had projected adjusted EPS of $0.27.

Accelerating Profitable Growth. Management announced a comprehensive and intensive transformation initiative to optimize the business and functional operations in a sustainable manner, unlock additional value-creating opportunities, and accelerate profitable growth.

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