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Flexible Solutions (FSI) Q3 Earnings and Sales Miss Estimates
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Flexible Solutions International Inc. (FSI - Free Report) slipped to a loss of 6 cents per share in third-quarter 2023, from earnings of 9 cents in the year-ago quarter. It missed the Zacks Consensus Estimate of earnings of 9 cents. The bottom line in the reported quarter was hurt by higher cost of goods and lower sales and product mix.
The company registered revenues of around $8.7 million for the quarter, down roughly 25% year over year. It missed the Zacks Consensus Estimate of $11.9 million.
Flexible Solutions International Inc. Price, Consensus and EPS Surprise
Sales from the company’s Energy and Water Conservation products for the reported quarter fell roughly 19% year over year to around $0.1 million, impacted by lower customer orders.
Sales of Biodegradable Polymers fell roughly 25% year over year to around $8.6 million in the quarter, hurt by lower customer orders and pricing.
Financials
Flexible Solutions ended the quarter with cash and cash equivalents of roughly $8.9 million, up around 20% on a sequential comparison basis. Long-term debt was roughly $7 million, down around 4% sequentially.
Outlook
Flexible Solutions said that it will review all operating costs and look for lower cost of goods in the fourth quarter and throughout 2024 in a bid to return to profitability. It also noted 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 40.1% over a year compared with the industry’s rise of 7.9%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
FSI currently has a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
The consensus estimate for Carpenter Technology’s current fiscal year earnings is pegged at $3.57, indicating year-over-year growth of 213.2%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have surged 65% in the past year. It currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Axalta Coating Systems’ current year has been revised upward by 8.2%. AXTA, carrying a Zacks Rank #1, beat the Zacks Consensus Estimate in three of the last four quarters while missing in one quarter, with the average earnings surprise being 6.7%. The company’s shares have gained 3% in the past year. The company’s shares have gained 21% in the past year.
Andersons currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for ANDE's current-year earnings has been revised 8.6% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.8%, on average. ANDE shares have rallied around 40% in a year.
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Flexible Solutions (FSI) Q3 Earnings and Sales Miss Estimates
Flexible Solutions International Inc. (FSI - Free Report) slipped to a loss of 6 cents per share in third-quarter 2023, from earnings of 9 cents in the year-ago quarter. It missed the Zacks Consensus Estimate of earnings of 9 cents. The bottom line in the reported quarter was hurt by higher cost of goods and lower sales and product mix.
The company registered revenues of around $8.7 million for the quarter, down roughly 25% year over year. It missed the Zacks Consensus Estimate of $11.9 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 fell roughly 19% year over year to around $0.1 million, impacted by lower customer orders.
Sales of Biodegradable Polymers fell roughly 25% year over year to around $8.6 million in the quarter, hurt by lower customer orders and pricing.
Financials
Flexible Solutions ended the quarter with cash and cash equivalents of roughly $8.9 million, up around 20% on a sequential comparison basis. Long-term debt was roughly $7 million, down around 4% sequentially.
Outlook
Flexible Solutions said that it will review all operating costs and look for lower cost of goods in the fourth quarter and throughout 2024 in a bid to return to profitability. It also noted 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 40.1% over a year compared with the industry’s rise of 7.9%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
FSI currently has a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
The consensus estimate for Carpenter Technology’s current fiscal year earnings is pegged at $3.57, indicating year-over-year growth of 213.2%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have surged 65% in the past year. It currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Axalta Coating Systems’ current year has been revised upward by 8.2%. AXTA, carrying a Zacks Rank #1, beat the Zacks Consensus Estimate in three of the last four quarters while missing in one quarter, with the average earnings surprise being 6.7%. The company’s shares have gained 3% in the past year. The company’s shares have gained 21% in the past year.
Andersons currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for ANDE's current-year earnings has been revised 8.6% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.8%, on average. ANDE shares have rallied around 40% in a year.