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M-tron Industries (MPTI) Q3 Earnings Top Estimates, Stock Up
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M-tron Industries, Inc. (MPTI - Free Report) reported better-than-expected results in third-quarter 2023, with adjusted earnings and revenues surpassing the Zacks Consensus Estimate. The metrics were up on a year-over-year basis.
Shares of the company rose 4.2% in the after-hours trading session on Nov 9, post the earnings release.
Inside the Headline Numbers
M-tron Industries reported adjusted earnings per share (EPS) of 57 cents, beating the consensus estimate of 29 cents by 96.6%. The reported figure increased significantly from 19 cents a year ago.
M-tron Industries, Inc. Price, Consensus and EPS Surprise
Quarterly revenues of $10.9 million topped the consensus mark of $10.3 million by 5.7%. The reported figure increased 29.4% from the year-ago quarter’s levels. The upside can be attributed to strong defense product shipments.
Backlog Details
As of Sep 29, 2023, the total backlog was $50.3 million compared with $46.2 million at 2022-end. The upside was backed by an increase in defense product orders in 2023. Although supply chain constraints within the defense industry are moderating, it is still driving MPTI's customers to order in advance for secure product deliveries in line with production requirements.
Operating Highlights
Gross profit margin expanded 1,040 basis points (bps) year over year to 42.8%, driven by favorable product mix and increased business volume.
Adjusted EBITDA was $2.3 million, up compared with $0.9 million.
Financials
As of Sep 30, 2023, M-tron Industries had cash and cash equivalents of $2.6 million compared with $0.9 million at 2022 end. Inventories were $9 million compared with $7.5 million at 2022 end.
Vulcan Materials Company (VMC - Free Report) reported stellar results in the third quarter of 2023, surpassing the Zacks Consensus Estimate for earnings and revenues.
VMC’s adjusted EPS of $2.29 increased 28.7% from the year-ago level of $1.78. Total revenues of $2,185.8 million increased 4.7% year over year.
Otis Worldwide Corporation (OTIS - Free Report) reported impressive results in third-quarter 2023. Its earnings and net sales surpassed the Zacks Consensus Estimate and rose on a year-over-year basis. Its quarterly results reflected 12 consecutive quarters of organic sales growth and solid operating margin expansion, contributing to high-teens adjusted EPS growth.
OTIS reported quarterly EPS of 95 cents, increasing 18.8% from the year-ago quarter’s figure of 80 cents. Net sales of $3.52 billion rose 5.4% on a year-over-year basis.
United Rentals, Inc.’s (URI - Free Report) third-quarter 2023 earnings and revenues surpassed the Zacks Consensus Estimate. On a year-over-year basis, earnings and revenues increased on sustained growth across the business, profitability and returns, underpinned by broad-based activity.
URI’s adjusted EPS of $11.73 increased 26.5% from the prior-year figure of $9.27. Total revenues of $3.77 billion grew 23.4% year over year.
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M-tron Industries (MPTI) Q3 Earnings Top Estimates, Stock Up
M-tron Industries, Inc. (MPTI - Free Report) reported better-than-expected results in third-quarter 2023, with adjusted earnings and revenues surpassing the Zacks Consensus Estimate. The metrics were up on a year-over-year basis.
Shares of the company rose 4.2% in the after-hours trading session on Nov 9, post the earnings release.
Inside the Headline Numbers
M-tron Industries reported adjusted earnings per share (EPS) of 57 cents, beating the consensus estimate of 29 cents by 96.6%. The reported figure increased significantly from 19 cents a year ago.
M-tron Industries, Inc. Price, Consensus and EPS Surprise
M-tron Industries, Inc. price-consensus-eps-surprise-chart | M-tron Industries, Inc. Quote
Quarterly revenues of $10.9 million topped the consensus mark of $10.3 million by 5.7%. The reported figure increased 29.4% from the year-ago quarter’s levels. The upside can be attributed to strong defense product shipments.
Backlog Details
As of Sep 29, 2023, the total backlog was $50.3 million compared with $46.2 million at 2022-end. The upside was backed by an increase in defense product orders in 2023. Although supply chain constraints within the defense industry are moderating, it is still driving MPTI's customers to order in advance for secure product deliveries in line with production requirements.
Operating Highlights
Gross profit margin expanded 1,040 basis points (bps) year over year to 42.8%, driven by favorable product mix and increased business volume.
Adjusted EBITDA was $2.3 million, up compared with $0.9 million.
Financials
As of Sep 30, 2023, M-tron Industries had cash and cash equivalents of $2.6 million compared with $0.9 million at 2022 end. Inventories were $9 million compared with $7.5 million at 2022 end.
Zacks Rank & Recent Construction Releases
M-tron Industries currently sports a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Vulcan Materials Company (VMC - Free Report) reported stellar results in the third quarter of 2023, surpassing the Zacks Consensus Estimate for earnings and revenues.
VMC’s adjusted EPS of $2.29 increased 28.7% from the year-ago level of $1.78. Total revenues of $2,185.8 million increased 4.7% year over year.
Otis Worldwide Corporation (OTIS - Free Report) reported impressive results in third-quarter 2023. Its earnings and net sales surpassed the Zacks Consensus Estimate and rose on a year-over-year basis. Its quarterly results reflected 12 consecutive quarters of organic sales growth and solid operating margin expansion, contributing to high-teens adjusted EPS growth.
OTIS reported quarterly EPS of 95 cents, increasing 18.8% from the year-ago quarter’s figure of 80 cents. Net sales of $3.52 billion rose 5.4% on a year-over-year basis.
United Rentals, Inc.’s (URI - Free Report) third-quarter 2023 earnings and revenues surpassed the Zacks Consensus Estimate. On a year-over-year basis, earnings and revenues increased on sustained growth across the business, profitability and returns, underpinned by broad-based activity.
URI’s adjusted EPS of $11.73 increased 26.5% from the prior-year figure of $9.27. Total revenues of $3.77 billion grew 23.4% year over year.