Even though the company saw decreased costs across some areas, the gross profit margin of the firm shrank from 22.3% to 19.8%. Net income for the company grew from $73.9 million in the second quarter of 2021 to $74.1 million the second quarter of this year. This rise in revenue brought with it a modest improvement in profits. In that quarter alone, revenue was impacted negatively to the tune of $52 million by foreign currency changes. Having said that, sales actually would have been higher had it not been for foreign currency fluctuations. Management attributed this increase to a combination of higher pricing and strong demand for its offerings. This is 3.7% higher than the $1.04 billion reported for the second quarter of the firm's 2021 fiscal year. On the positive side, we saw revenue hit $1.08 billion. What we saw during the second quarter was somewhat mixed to be fair. Fast forward to today, and that data now extends through the second quarter of the year. In my prior article, I had data covering through the first quarter of the company's 2022 fiscal year. Though in all fairness, the stock is down still more than what the broader market has been since I first wrote about it in October of 2021. While the S&P 500 is down by 6.3%, shares of the company have generated upside for investors of 8.6%. Since then, that call has played out nicely. Due to these factors, I ended up having a ‘buy’ rating on the company, reflecting my belief that it would likely outperform the broader market for the foreseeable future. And as a value investor, that means a lot. Another contributor to my enthusiasm regarding the stock was how cheap shares looked. Although I never ended up buying shares of the firm, I did look upon it in a favorable light, impressed by management's guidance for the 2022 fiscal year. Strong expectations drive shares higherīack in July of this year, I found myself drawn to Terex as an investment opportunity. While investors would not be wrong to take their profits and look elsewhere for opportunities, I do still believe that the company offers enough upside potential to warrant a ‘buy’ prospect at this time. Driven by continued growth on the top line, and an upward revision when it comes to profitability for the 2022 fiscal year, shares of the business have outperformed the market handily. One such firm is Terex Corporation ( NYSE: TEX ), a business that focuses on the production and sale of aerial work platforms and materials processing and specialty equipment like crushers, washing systems, cranes, and more. So it is rare to find an enterprise that, over the past few months, has performed exceptionally well by comparison. With concerns over the economy mounting, share prices have mostly declined. The past few months have been particularly difficult for investors.
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