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Flexible Solutions (FSI) Q1 Earnings In Line, Sales Lag Estimates
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Flexible Solutions International Inc. (FSI - Free Report) logged earnings of 7 cents per share for first-quarter 2023, down from earnings of 12 cents in the year-ago quarter. Earnings per share were in line with the Zacks Consensus Estimate. The bottom line in the reported quarter was hurt by higher cost of goods and lower sales.
The company registered revenues of around $9.8 million for the quarter, down roughly 9% year over year. It missed the Zacks Consensus Estimate of $11.6 million.
Flexible Solutions International Inc. Price, Consensus and EPS Surprise
Sales from the company’s Energy and Water Conservation products for the reported quarter rose roughly 71% year over year to around $0.08 million, driven by higher customer orders.
Sales of Biodegradable Polymers fell roughly 9% year over year to around $9.78 million in the quarter, hurt by lower customer orders and pricing.
Financials
Flexible Solutions ended the quarter with cash and cash equivalents of roughly $5.5 million, down around 10% year over year. Long-term debt was roughly $5.3 million at the end of the quarter, down around 3% year over year.
Outlook
Flexible Solutions said that it sees growth across most of its markets in 2023. It also said that new opportunities continue to unfold in applications such as detergent, water treatment, oil field extraction, turf, ornamental and agriculture to further boost sales in the NanoChem division. Flexible Solutions also expects its cash resources to be adequate to meet its cash flow requirements and future commitments.
Price Performance
Shares of Flexible Solutions are up 9.5% over a year compared with the industry’s decline of 0.1%.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Flexible Solutions currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. (STLD - Free Report) , PPG Industries, Inc. (PPG - Free Report) and Linde plc (LIN - Free Report) .
Steel Dynamics’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 10.7%, on average. STLD has gained around 26% in a year.
PPG Industries currently carries a Zacks Rank #2. The Zacks Consensus Estimate for PPG's current-year earnings has been revised 11.2% upward in the past 60 days.
PPG Industries’ earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 6.8%, on average. PPG has gained around 17% in a year.
Linde currently carries a Zacks Rank #2. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 3.8% upward in the past 60 days.
Linde beat Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 5.9% on average. LIN’s shares have gained roughly 18% in the past year.
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Flexible Solutions (FSI) Q1 Earnings In Line, Sales Lag Estimates
Flexible Solutions International Inc. (FSI - Free Report) logged earnings of 7 cents per share for first-quarter 2023, down from earnings of 12 cents in the year-ago quarter. Earnings per share were in line with the Zacks Consensus Estimate. The bottom line in the reported quarter was hurt by higher cost of goods and lower sales.
The company registered revenues of around $9.8 million for the quarter, down roughly 9% year over year. It missed the Zacks Consensus Estimate of $11.6 million.
Flexible Solutions International Inc. Price, Consensus and EPS Surprise
Flexible Solutions International Inc. price-consensus-eps-surprise-chart | Flexible Solutions International Inc. Quote
Segment Highlights
Sales from the company’s Energy and Water Conservation products for the reported quarter rose roughly 71% year over year to around $0.08 million, driven by higher customer orders.
Sales of Biodegradable Polymers fell roughly 9% year over year to around $9.78 million in the quarter, hurt by lower customer orders and pricing.
Financials
Flexible Solutions ended the quarter with cash and cash equivalents of roughly $5.5 million, down around 10% year over year. Long-term debt was roughly $5.3 million at the end of the quarter, down around 3% year over year.
Outlook
Flexible Solutions said that it sees growth across most of its markets in 2023. It also said that new opportunities continue to unfold in applications such as detergent, water treatment, oil field extraction, turf, ornamental and agriculture to further boost sales in the NanoChem division. Flexible Solutions also expects its cash resources to be adequate to meet its cash flow requirements and future commitments.
Price Performance
Shares of Flexible Solutions are up 9.5% over a year compared with the industry’s decline of 0.1%.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Flexible Solutions currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. (STLD - Free Report) , PPG Industries, Inc. (PPG - Free Report) and Linde plc (LIN - Free Report) .
Steel Dynamics currently sports a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for STLD's current-year earnings has been revised 3.9% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Steel Dynamics’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 10.7%, on average. STLD has gained around 26% in a year.
PPG Industries currently carries a Zacks Rank #2. The Zacks Consensus Estimate for PPG's current-year earnings has been revised 11.2% upward in the past 60 days.
PPG Industries’ earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 6.8%, on average. PPG has gained around 17% in a year.
Linde currently carries a Zacks Rank #2. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 3.8% upward in the past 60 days.
Linde beat Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 5.9% on average. LIN’s shares have gained roughly 18% in the past year.