Flux Energy Holdings Inc FLUX reported worse-than-expected third-quarter monetary outcomes on Thursday.
Flux Energy posted GAAP lack of 16 cents per share, in comparison with market expectations for a lack of 10 cents per share. The corporate’s gross sales got here in at $14.457 million versus estimates of $15.345 million, in line with knowledge from Benzinga Professional.
“The third fiscal quarter of 2024 noticed continued lumpiness from timing of deliveries of buyer new forklift orders and rate of interest variability,” mentioned Flux Energy CEO Ron Dutt. “An Institute for Provide Administration survey this month confirmed manufacturing grew for the primary time in 1-1/2 years in March, and though we stay assured in a restoration, we’re extremely centered on further promoting methods to help our historic gross sales trajectory.
Dutt added, “Gross margin initiatives have dramatically improved margins over the past two years, and we anticipate continued enchancment. Gross revenue was down barely through the third quarter to $4.4 million, and gross margin held regular at 30%, in comparison with the yr in the past interval. With strategic provide chain and profitability enchancment initiatives, decrease prices and better quantity buying, we’re focusing on gross margin enchancment to proceed, with a longer-term objective exceeding 40%.
Flux Energy shares dipped 25.1% to commerce at $3.43 on Friday.
These analysts made adjustments to their worth targets on Flux Energy following earnings announcement.
- Maxim Group lower the value goal on Flux Energy from $9 to $6. Maxim Group analyst Matthew Galinko maintained a Purchase ranking.
- Craig-Hallum slashed the value goal on Flux Energy from $10 to $7. Craig-Hallum analyst Eric Stine maintained a Purchase ranking.
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