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Omar Venerio
Omar Venerio
Articles (1736) 

2 Stocks Move Higher Monday

Shiloh Industries, Ferrellgas Partners rally on financial results

June 10, 2019 | About:

Shares of Shiloh Industries Inc. (SHLO) jumped more than 22% on Monday after reporting financial results for its fiscal second quarter.

Revenue declined 8.1% from the prior-year quarter to $273.4 million, falling $23.7 million short of expectations. The company reported adjusted earnings of 24 cents per share, beating estimates by 4 cents.

"We made significant progress increasing our profitability as we continue to execute exciting new launches of products containing our innovative and leading technology," President and CEO Ramzi Hermiz said.

The gross profit was $28.7 million with a gross margin of 10.5%. The net income was $1.1 million, or 5 cents per diluted share. The adjusted earnings before interest, taxes, depreciation and amortization was $23.3 million, an increase of 14.8% year over year, and the adjusted Ebitda margin was 8.5%, up 170 basis points year over year.

Looking ahead, the company maintains its previous guidance for revenue between $1 billion and $1.15 billion and corrected the range of adjusted Ebitda to between $65 million and $70 million from $62 million to $70 million.

During the quarter ended March 31, Jeremy Grantham (Trades, Portfolio) boosted  his position by 53.04% while Jim Simons (Trades, Portfolio) added 12.34% to his holding.

Shares of Ferrellgas Partners L.P. (FGP) jumped more than 9% on Monday after the company posted financial results for its fiscal third quarter.

The company posted earnings of 21 cents per share, missing estimates by 1 cent. Revenue of $479.63 million declined 7% year over year and fell $27.39 million short of expectations.
Adjusted earnings before interest, taxes, depreciation and amortization, a non-GAAP measure, was $88.6 million compared to $86.9 million in the prior year.

The company has suspended its quarterly dividend as it obtained an insufficient fixed charge coverage ratio contained in the senior unsecured notes.

At the end of last year, Leon Cooperman (Trades, Portfolio) exited his position in the stock.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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