EVI Industries (NYSEAMERICAN:EVI) Releases Quarterly Earnings Results, Misses Estimates By $0.11 EPS

EVI Industries (NYSEAMERICAN:EVI) posted its quarterly earnings results on Monday. The industrial products company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.11), FiscalAI reports. The business had revenue of $101.13 million for the quarter, compared to analyst estimates of $111.30 million. EVI Industries had a return on equity of 4.95% and a net margin of 1.63%.

Here are the key takeaways from EVI Industries’ conference call:

• EVI reported record revenue, record gross profit, and record gross margin for the 3- and 9-month periods ended March 31 and highlights multi-year CAGRs of ~29% (revenue), 15% (net income) and 26% (adjusted EBITDA) since 2016.
• The company has substantially completed deployment of its ERP, field service platform, and business intelligence systems and is shifting focus to operational optimization to improve scalability, efficiency, and operating leverage.
• Fulfillment was affected by severe weather, customer facility readiness and installation timing, causing project delays and higher inventory/working capital; management says much of the affected volume remains in backlog and ~65% of equipment inventory is allocated to confirmed orders.
• Operational service trends improved—service appointments rose ~9% sequentially to >27,500 and technician productivity improved ~3%—and the company is pursuing adjacent, high?margin opportunities (e.g., Premier Chemical Solutions) to grow repeat sales to its installed base.
• M&A remains active with the acquisition of Belenky (the 32nd business), and management expects disciplined acquisitions, facility consolidation and continued cost control to support future margin expansion and growth.

EVI Industries Trading Down 2.2%

NYSEAMERICAN EVI opened at $16.53 on Wednesday. The company has a market cap of $212.61 million, a price-to-earnings ratio of 36.74 and a beta of 0.05. The company has a quick ratio of 0.77, a current ratio of 1.58 and a debt-to-equity ratio of 0.40. EVI Industries has a twelve month low of $15.90 and a twelve month high of $34.82. The business’s fifty day moving average is $20.36 and its 200 day moving average is $22.49.

Wall Street Analysts Forecast Growth

Separately, DA Davidson reissued a “buy” rating and set a $35.00 target price on shares of EVI Industries in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, EVI Industries currently has a consensus rating of “Buy” and an average price target of $35.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in shares of EVI Industries by 39.6% in the 4th quarter. Bank of America Corp DE now owns 4,988 shares of the industrial products company’s stock worth $82,000 after acquiring an additional 1,416 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of EVI Industries by 27.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,814 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 829 shares during the last quarter. Rhumbline Advisers raised its position in EVI Industries by 21.4% in the 1st quarter. Rhumbline Advisers now owns 5,336 shares of the industrial products company’s stock worth $90,000 after purchasing an additional 940 shares during the period. Tower Research Capital LLC TRC lifted its stake in EVI Industries by 237.4% in the second quarter. Tower Research Capital LLC TRC now owns 2,001 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 1,408 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in EVI Industries by 0.8% in the third quarter. Dimensional Fund Advisors LP now owns 104,380 shares of the industrial products company’s stock worth $3,300,000 after purchasing an additional 852 shares during the last quarter. 37.30% of the stock is currently owned by institutional investors.

EVI Industries Company Profile

EVI Industries, Inc, through its subsidiaries, engages in the distribution, sale, rental, and lease of commercial and industrial laundry and dry-cleaning equipment in the United States, Canada, the Caribbean, and Latin America. The company sells and/or leases commercial laundry equipment specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. It offers washroom equipment, such as washers and dryers, tunnel systems, and vended machines; finishing equipment comprising sheet feeders, flatwork ironers, automatic sheet folders, and stackers; and material handling equipment, including conveyor and rail systems.