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Flexible Solutions (FSI) Q2 Earnings and Sales Lag Estimates
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Flexible Solutions International Inc. (FSI - Free Report) logged earnings of 7 cents per share for second-quarter 2023, down from earnings of 13 cents in the year-ago quarter. Earnings per share missed the Zacks Consensus Estimate of 9 cents. The bottom line in the reported quarter was hurt by higher cost of goods and lower sales and mix.
The company registered revenues of around $10.3 million for the quarter, down roughly 7% year over year. It missed the Zacks Consensus Estimate of $13 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 16% year over year to around $0.2 million, driven by higher customer orders.
Sales of Biodegradable Polymers fell roughly 8% year over year to around $10.1 million in the quarter, hurt by lower customer orders and pricing.
Financials
Flexible Solutions ended the quarter with cash and cash equivalents of roughly $7.4 million, up around 35% on a sequential comparison basis. Long-term debt was roughly $7.3 million, up around 38% sequentially.
Outlook
Flexible Solutions said that it is seeing headwinds in most of its markets and anticipates full-year 2023 revenues to be flat to mildly down on a year-over-year basis. 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 down 3.4% over a year compared with the industry’s rise of 3.1%.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Flexible Solutions currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , PPG Industries, Inc. (PPG - Free Report) and Universal Stainless & Alloy Products, Inc. (USAP - Free Report) .
The Zacks Consensus Estimate for current fiscal-year earnings for CRS is currently pegged at $3.48, implying year-over-year growth of 205.3%. Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has a trailing four-quarter earnings surprise of roughly 10%, on average. The stock has rallied around 55% in a year.
PPG Industries currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for PPG's current-year earnings has been revised 3.6% upward over 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 7.3%, on average. PPG shares have gained around 4% in a year.
Universal Stainless & Alloy Products currently carrying a Zacks Rank #2. It has a projected earnings growth rate of 160.8% for the current year.
The Zacks Consensus Estimate for USAP's current-year earnings has been revised 181% upward over the past 60 days. USAP shares are up around 63% in a year.
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Flexible Solutions (FSI) Q2 Earnings and Sales Lag Estimates
Flexible Solutions International Inc. (FSI - Free Report) logged earnings of 7 cents per share for second-quarter 2023, down from earnings of 13 cents in the year-ago quarter. Earnings per share missed the Zacks Consensus Estimate of 9 cents. The bottom line in the reported quarter was hurt by higher cost of goods and lower sales and mix.
The company registered revenues of around $10.3 million for the quarter, down roughly 7% year over year. It missed the Zacks Consensus Estimate of $13 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 16% year over year to around $0.2 million, driven by higher customer orders.
Sales of Biodegradable Polymers fell roughly 8% year over year to around $10.1 million in the quarter, hurt by lower customer orders and pricing.
Financials
Flexible Solutions ended the quarter with cash and cash equivalents of roughly $7.4 million, up around 35% on a sequential comparison basis. Long-term debt was roughly $7.3 million, up around 38% sequentially.
Outlook
Flexible Solutions said that it is seeing headwinds in most of its markets and anticipates full-year 2023 revenues to be flat to mildly down on a year-over-year basis. 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 down 3.4% over a year compared with the industry’s rise of 3.1%.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Flexible Solutions currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , PPG Industries, Inc. (PPG - Free Report) and Universal Stainless & Alloy Products, Inc. (USAP - Free Report) .
The Zacks Consensus Estimate for current fiscal-year earnings for CRS is currently pegged at $3.48, implying year-over-year growth of 205.3%. Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has a trailing four-quarter earnings surprise of roughly 10%, on average. The stock has rallied around 55% in a year.
PPG Industries currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for PPG's current-year earnings has been revised 3.6% upward over 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 7.3%, on average. PPG shares have gained around 4% in a year.
Universal Stainless & Alloy Products currently carrying a Zacks Rank #2. It has a projected earnings growth rate of 160.8% for the current year.
The Zacks Consensus Estimate for USAP's current-year earnings has been revised 181% upward over the past 60 days. USAP shares are up around 63% in a year.