Flexible Solutions International Inc. ( FSI Quick Quote FSI - Free Report) logged earnings of 12 cents per share for first-quarter 2021, up from 10 cents in the year-ago quarter. Earnings surpassed the Zacks Consensus Estimate of 7 cents. The company registered revenues of around $7.6 million for the quarter, down roughly 10% year over year. It faced challenges from shipping difficulties in the quarter. The lower sales are also attributable to late orders from certain customers. Flexible Solutions noted that its subsidiary, NanoChem, remained the main source of revenues and cash flows.
Sales from the company’s Energy and Water Conservation products for the reported quarter fell roughly 21% year over year to around $0.07 million, impacted by lower customer orders.
Sales of Biodegradable Polymers and Chemical Additives decreased roughly 9% year over year to around $7.55 million in the quarter, hurt by reduced customer orders. Financials
Flexible Solutions ended the quarter with cash and cash equivalents of roughly $1.9 million, down around 44% year over year. Long-term debt was roughly $2.3 million at the end of the quarter, down around 23% year over year.
Flexible Solutions said that its expectations for the full year remain positive. The company also noted that new opportunities continue to unfold in applications such as detergent, water treatment, oil field extraction and agriculture to further grow sales in NanoChem. Flexible Solutions also expects its cash resources to be adequate to meet its cash flow requirements and future commitments.
Shares of Flexible Solutions are up 98.8% over a year compared with the
industry’s decline of 8.4%.
Zacks Rank & Key Picks
Flexible Solutions currently carries a Zacks Rank #5 (Strong Sell).
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