Tag: Industrial

DLH Holdings (DLHC) – Releases 2Q23 Results

Posted on by cpereira@noblefcm.com


Thursday, May 04, 2023

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.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.

2QFY23 Results. DLH reported revenue of $99.4 million compared to $68.9 million the year prior, excluding FEMA contract contribution. GRSi contributed $32.6 million of revenue, indicating the core DLH business saw revenue decline $2.1 million y-o-y. Net income was reported at $0.8 million, or $0.06 per diluted share, versus $7.2 million, or $0.50, last year. EBITDA was at $10.5 million compared with $12.1 million last year, or $6.6 million excluding FEMA.

Focusing In. Although revenue came in lower than our expected $104 million, we believe this to be more a function of some business moving to the right and the challenge in estimating the recently acquired GRSI business. We do not believe the “miss” indicates a deterioration of the core business. We continue to believe the new DLH has significant growth opportunities. The Company has noted multiple cross selling opportunities, with a recent example being the award given by the National Cancer Institute’s Center for Biomedical Informatics and Information Technology for IT services.


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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) – First Look at 1Q23 Results

Posted on by cpereira@noblefcm.com


Thursday, May 04, 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.

1Q23 Results Below Expectations. Revenue totaled $458 million, up from $453 million a year ago, but below our $469 million projection. Consensus was $471 million. Adjusted EBITDA was $73.7 million, down from $80.8 million in 1Q22. We were at $76.4 million. CXW reported net income of $12.4 million, or $0.11/sh, compared to $19 million, or $0.16/sh last year and our $16.3 million, or $0.14/sh estimate. 

Labor, Arizona Remain Challenges. CoreCivic substantially completed the transition of inmate populations at the La Palma facility by the end of 2022, but continued to incur elevated operating expenses during the first quarter of 2023. This is due to ongoing efforts to attract and retain local staff at the facility, as well as other facilities to position the Company for the increased number of residents anticipated at facilities once the remaining occupancy restrictions attributable to COVID-19 are removed.


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Orion Group Holdings (ORN) – A Sale of East and West Jones

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 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.

A Proposed Sale. On April 26th, Orion entered into a contract to sell the East and West Jones properties for $35.978 million. The transaction is expected to close before the end of September 2023. The sale of these properties has been a long time coming but are a significant positive for Orion, in our opinion.

Use of Proceeds. Historically, management has stated any proceeds from property sales would be used to repay/pay down debt. At year-end, total debt outstanding stood at $35.7 million, suggesting the Company could pay down a significant portion of the outstanding debt, depending on the net after-tax proceeds from the sale.


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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) – Better Than Expected 1Q23, But Conditions Still Challenging

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 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.

1Q23. Revenue came in at $158.0 million down from $194.3 million last year, but above our $148 million projection. Gross margin was 7.7%, down from 17% in the year ago period. Adjusted EBITDA for the quarter was $10.2 million versus $29.7 million last year. The Company reported a loss of $3.2 million, or a loss of $0.05 per share for the quarter, compared to last year’s net income of $11.1 million, or $0.17 per diluted share. We had projected a net loss of $14.5 million, or a loss of $0.22 per share.

Backlog. Great Lakes ended the quarter with $327.1 million of dredging backlog, which does not include approximately $50.0 million of performance obligations related to offshore wind contracts. In addition, the Company ended the quarter with $516.9 million in low bids and options pending award. The Company’s awarded work during the quarter represented 31.7% of the first quarter bid market. Not included in the first quarter backlog is the Freeport Capital Port Deepening project, on which Great Lakes was the low bidder in April for approximately $160 million, which is the third largest domestic capital project Great Lakes has won in its history.


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

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

Eagle Bulk Shipping (EGLE) – Earnings Preview – The Upward Trend Begins

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 2023

Eagle Bulk Shipping Inc. (“Eagle”) is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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.

We expect the first quarter to be a down quarter due to low shipping rates. Shipping rates have showed signs of  improving recently but should provide low comparisons in the first quarter. We look for net revenues to be down 45% year over year and diluted earnings per share to be down 93%. The sharp decline reflects Eagle’s sensitivity to shipping rates.

Things should improve after the first quarter. Rates are expected to rise beginning in the second quarter. In addition, the company will add two new ships in the third quarter. We anticipate a 20% quarter over quarter jump in revenues in the second quarter followed by lesser increases in the third and fourth quarters. EPS will rebound at an even higher rate given Eagles financial leverage.


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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. 

The GEO Group (GEO) – Solid First Quarter Results

Posted on by cpereira@noblefcm.com


Wednesday, April 26, 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.

1Q23 Results. Revenue for the quarter came in at $608.2 million, up from $551.2 million a year ago. Adjusted EBITDA totaled $130.9 million, EPS was $0.19, and adjusted EPS $0.22. In the year ago period, GEO reported $125.2 million, $0.26, and $0.31, respectively. We had forecast $607 million, $128 million, $0.21, and $0.21, respectively.

ISAP the Sequential Delta. Electronic monitoring revenue declined to $132.6 million in 1Q23 down from $149.8 million in 4Q22, with the remaining businesses up $4.3 million sequentially. Notably, populations under the program have been relatively stable since the beginning of March. 


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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. 

Release – CVG Announces First Quarter 2023 Earnings Call

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CVGI

APRIL, 21, 2023

NEW ALBANY, Ohio, April 21, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) will hold its quarterly conference call on Wednesday, May 3, 2023, at 10:00 a.m. ET, to discuss first quarter 2023 financial results. CVG will issue a press release and presentation prior to the conference call.

Toll-free participants dial (888) 886-7786 using conference code 74688048. International participants dial (416) 764-8658 using conference code 74688048. This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com where it will be archived for one year.

A telephonic replay of the conference call will be available until May 17, 2023. To access the replay, toll-free callers can dial (877) 674-7070 using access code 688048.

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.

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

Source: Commercial Vehicle Group, Inc.

Release – Orion Group Holdings, Inc. to Report First Quarter Financial Results on Monday, May 8

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ORN

Apr 17, 2023

Conference Call to be held Tuesday, May 9 at 8:00 a.m. Central Time

HOUSTON, April 17, 2023 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced that it will issue its financial results for the first quarter ended March 31, 2023 on Monday, May 8, 2023, after the close of the stock market.

A conference call and audio webcast with analysts and investors will be held the next day, May 9, at 8:00 a.m. Central Time to discuss the results and answer questions.

Live conference call: 800-715-9871

Live and archived webcast: https://edge.media-server.com/mmc/p/7kn5kim4 or the Company’s website at Orion Group Holdings, Inc. – Investor Relations & Shareholder Contact (oriongroupholdingsinc.com)

About Orion Group Holdings, Inc.

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, 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.

Contacts:

Financial Profiles, Inc.
Margaret Boyce 310-622-8247
ORN@finprofiles.com

Kratos Defense & Security (KTOS) – Another Award

Posted on by cpereira@noblefcm.com


Monday, April 10, 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 – Generalist Analyst, 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. On Friday, the Department of Defense, through its daily contract award release, announced Kratos Unmanned Aerial Systems has been awarded a shared $400 million ceiling, indefinite-delivery/indefinite-quantity contract for research and development for the Advanced Aerospace Systems Technology Research (AASTR) program. This contract has multiple awardees to be awarded at different dates. Work under the contract is expected to be complete by April 7, 2030.

What is AASTR? The primary objective of the program is to conduct research toward the development, demonstration, integration, and transition of new aerospace vehicle technologies, designs, and integrated systems that will provide advanced capabilities to the Department of the Air Force. The program will support the Aerospace Systems Directorate’s core competency areas of Aerospace Vehicles; Control Sciences; High Speed Systems; Turbine Engines; and Systems Integration and Flight Test.


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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) – Recent Dredging Award Activity

Posted on by cpereira@noblefcm.com


Wednesday, March 22, 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 – Generalist Analyst, 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.

Recent Dredging Awards. Great Lakes Dredge & Dock Corporation received several major dredging awards totaling $138.8 million. The awarded work includes coastal protection and maintenance work. There is still a lack of higher margin capital projects as the Army Corps of Engineers continues to be slow in making major capital project awards, in our view.

Trujillo Alto. The major award is Trujillo Alto Design and Build for the Lago Loiza (Carraízo) Dredging Project (Maintenance, Puerto Rico, $93.1 million). The project includes dredging in the reservoir area, preparation and construction of the work area, and storage and handling of materials. Work is expected to commence in the Spring of 2023 with estimated completion in the Spring of 2025.


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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. 

Orion Group Holdings (ORN) – Fourth Quarter First Look

Posted on by cpereira@noblefcm.com


Wednesday, March 15, 2023

Joe Gomes, Managing Director – Generalist Analyst, 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.

4Q22 Results. Contract revenues were at $196.2 million from $162.3 million last year. We estimated revenue of $165 million. Operating loss was reported at $3.5 million versus a loss of $8.2 million last year, with a net loss of $4.9 million, or $0.15 per share, compared to a loss of $8.8 million, or $0.29 per share, in the prior year. Adjusted EPS loss was $0.12 versus $0.17. Adjusted EBITDA was at $3.2 million from a negative $0.8 million last year.

A Strategic Plan. Orion showed a three point strategic plan in regards to the overall business that the Company will follow in 2023. The plan consists of improving the profitability in the Company’s concrete segment, strengthening the business to drive growth, and investing resources into the Company to realize its full potential. Among the actions in these plans are refocusing on core Texas markets in the concrete business, building on successful sales efforts and capitalizing on favorable industry dynamics, and strengthen the balance sheet. We believe the plan provides a pathway towards efficiency and growth for Orion.


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

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

Orion Group Holdings (ORN) – Major New Contract

Posted on by cpereira@noblefcm.com


Tuesday, March 14, 2023

Joe Gomes, Managing Director – Generalist Analyst, 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.

Major New Award. On Friday, the Department of Defense announced the Dragados/Hawaiian Dredging/Orion JV was awarded a $2.84 billion firm-fixed-price task order for the construction of a concrete dry dock at Pearl Harbor Naval Shipyard. The Orion in the JV is Orion Group Holdings. This is a significant win for the Company, in our view.

Contract Details. Work will be performed in Hawaii and is expected to be completed by September 2027. This contract is part of the Shipyard Infrastructure Optimization Program (SIOP). The contract is incrementally funded with $463 million being allocated at the time of award. Subsequent contractual increments will be funded yearly from fiscal 2024 through fiscal 2026 in the amounts of: $1.267 billion; $613 million; and $496.9 million. The contract also contains three unexercised options, which if exercised, would increase cumulative contract value to $3.4 billion.


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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) – New Contract Awards

Posted on by cpereira@noblefcm.com


Monday, March 13, 2023

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

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

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

New Awards. On Friday, Orion announced multiple contract awards since the beginning of 2023. Totaling $134 million across both businesses, the majority of the work is expected to be completed in 2023. Since the beginning of the year, the Concrete segment has been awarded $100 million across several contracts including $25 million for a 22-story high-rise building in Houston, $12 million for a Dallas hospital, and $10 million for a Dallas packaging center. The Marine segment was awarded the Company’s largest diving services contract of $20 million by a private client. The project is in support of the US Army Corps of Engineers’ ongoing deepening and widening of Gulf Coast shipping channels. The contract award is the largest diving contract in Orion’s history and will be completed by the end of 2023.

Executive Chairman Transition. Former CEO Austin J. Shanfelter transitioned from Executive Chairman to Chairman of the Board of Directors, effective March 2, 2023. Recall, from April to September 2022, Mr. Shanfelter assumed the roles of Interim Chief Executive Officer and Interim Chief Financial Officer until Travis Boone, Chief Executive Officer, and Scott Thanisch, Chief Financial Officer, were appointed in September 2022.


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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.