Schmitt Industries, Inc. (NASDAQ: SMIT) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced its quarterly results, showing incredible growth. Of course, the news excited investors who are sending the stock on a run for the top. Today, we’ll talk about:
- The financial results;
- what we’re seeing from SMIT as a result; and
- what we’ll be watching for with regard to the stock ahead.
SMIT Announces Earnings
As mentioned above, Schmitt Industries is having an incredibly strong start tot he trading session this morning after the company announced its financial results for the foruth quarter and fiscal year. Here’s what we saw from the report:
- Net Income – In terms of net income SMIT did overwhelmingly well, generating $225,926 for the quarter ending on May 31, 2018 nd $210,639 for the full year.
- EPS – In terms of earnings per share, the company generated a profit of $0.06 for both the quarter and the fiscal year.
- Gross Margins – Gros margins increased by 42.6% in the fourth quarter and 42.7% on a full year basis.
- Balancer Revenue – The company said that Balancer segment revenue came in above $2 million for the fifth quarter in a row.
- Monitoring Revenue – Finally, the company said that it achieved record monitoring revenues in its Xact product line for botht the fourth quarter and full year.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of Schmitt Industries, the news proved to be overwhelmingly positive. After all, generating a profit is never looked at as a negative by investors. So, it’s no surprise to see that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:36), SMIT is trading at $3.25 per share after a gain of $0.85 per share or 53.52% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SMIT. In particular, we’re interested in following the story surrounding the company’s continued growth. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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